House`s Budgetary Board Approves ICP Assumption at US$45
19 September 2016 19:46 WIB
TEMPO.CO, Jakarta - The House of Representative’s Budgetary Body has approved the Indonesian Crude Price (ICP) assumption set at US$45 per barrel in the 2017 Draft Budget.
During a meeting on the 2017 draft budget’s macro economy assumption, the Budgetary Board would only approve the agreement made during the work meeting between acting Energy and Mineral Resources Ministry and House’s Commission VII held on September 16, 2016.
In addition, the oil lifting target assumption was set at 815,000 barrels per day, while the gas lifting target was set at 1.150 million barrels of oil equivalents per day (MBOEPD).
The ICP assumption increased from that set at the budget speech at US$40 per barrel, and the oil lifting target was raised by 35,000 barrels per day from 780,000 barrels per day.
“We agree with Commission VII on the assumptions of ICP at US$45 per barrel, oil lifting at 815,000 barrels per day and gas lifting at 1.150 MBOEPD,” Budgetary Board member Ahmad Noor said in Jakarta on Monday, September 19, 2016.
Finance Ministry’s head of fiscal policy Suhasil Nazara said that the assumptions will not change, since they refer to results of meeting with Commission VII.
“There are no changes from the government,” he said.
