JAKARTA, Nov. 9 (UPI) -- Indonesia's oil and gas receipts in 2007 are expected to exceed $19.8 billion.
That's well above the government-set target of about $16 billion, said Purnomo Yusgiantoro, energy and mineral resources minister.
"The current surge in global crude prices will contribute to the higher-than projected state revenues," Yusgiantoro said.
The country's oil production for the year so far is 97 percent below the target set in the state budget, but in terms of prices, production was 115 percent above the target, Yusgiantoro said.
Since 2000 oil and gas revenues have consistently surpassed the government's target. Due to surging global crude prices, the fuel subsidy in 2007 was expected to exceed expectations. Indonesia's crude oil prices this year have ranged from $71 to $73 per barrel. The government had set the average crude oil price in the revised 2007 state budget at $60 per barrel.
