ICP assumption set at US$75-US$95 per barrel in 2012

JAKARTA: Ministry of Energy and Mineral Resources proposes several macro assumptions in oil and gas sub sector for 2012. On such assumptions, Indonesian Crude Price was US$75-US$95 per barrel while oil lifting reaches 950,000-970,000 barrel per day.ICP
Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 31 Mei 2011  |  02:59 WIB

JAKARTA: Ministry of Energy and Mineral Resources proposes several macro assumptions in oil and gas sub sector for 2012. On such assumptions, Indonesian Crude Price was US$75-US$95 per barrel while oil lifting reaches 950,000-970,000 barrel per day.ICP realization in 2010 was US$78.07 per barrel, said Director General Oil and Gas at the Ministry of Energy and Mineral Resources, Evita Herawati Legowo. For this year assumption, government sets ICP realization at US$80 per barrel. Until 22 May 2011, the realization has reached US$107.3 per barrel.For 2012s lifting, we propose 950,000-970,000 barrel per day, he said during a hearing with the Houses Commission VII yesterday.Evita explained that 2010s lifting realization was at 954,000 barrel per day while lifting realization on 22 May reached 897,000 barrel per day and this years target is 970,000 bph.For fuel and vegetable oil, the realization was 38.38 million kiloliter in 2010. In the meantime, of this years target at 38.59 million kiloliter, the realization has totaled 15.46 million kiloliter as per 22 May 2011.If subsidized fuel policy management is imposed in January 2012, the volume of fuel and vegetable oil may reach 41.7 million kiloliter while if such management does not take place, it shall amount to 45.6 million kiloliter.He further specified 2012s assumptions, such as the allocation for premium that reaches 25.2 million-27.8 million kiloliter, 2.1 million kiloliter for kerosene and 14.4 million-15.7 million kiloliter for solar. For LPG, government allocates 3.6 million metric ton in 2012.TrialIn order to prepare the implementation of subsidized fuel limitation in January 2012, government postpones the trial schedule of subsidized fuel detector, employing radio frequency identification (RFID) technology to September-October 2011.Previously, Ministry of Energy and Mineral Resources said that RFID trial will be conducted in July this year. The trial probably will be realized in August-September and we will use it three months after, at the very least.RFID trial will be undertaken to around 500 microbuses, M01 with the route of Kampung Melayu-Senen. Evita also affirmed that government is yet to impose subsidized fuel restriction on 1 July.On the similar occasion, Executive Agency for Upstream Oil and Gas Activity projects petroleum oil lifting and condensate to reach 930,000-950,000 bph. This figure is lower than the proposal of Ministry of Energy and Mineral Resources. (t02/wiw)

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