The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) reported that national upstream oil and gas revenues had reached US$ 5.88 billion by the first half of 2025, equivalent to approximately Rp 95.91 trillion, assuming an exchange rate of Rp 16,312 per US dollar.

SKK Migas Chief Djoko Siswanto stated that this figure represents 45.1% of the annual revenue target set at US$ 13.03 billion for 2025. He also projected that by the end of the year, total revenue could reach US$ 10.83 billion, or about 83.1% of the target.

“State revenue as of June 2024 stood at US$ 7.63 billion. For 2025, the target is US$ 13.03 billion. The realization until June 2025 is US$ 5.88 billion, which is 45.1 percent. The year-end outlook is projected at US$ 10.83 billion, or 83.1 percent,” Djoko said during the Upstream Oil and Gas Performance Press Conference for the First Half of 2025, as quoted on Tuesday (July 22, 2025).

Djoko acknowledged that the mid-year revenue still falls short of half the annual target. He attributed this to the oil price assumption in the national budget, which is set at US$ 82 per barrel, while the actual average price during the first half of the year remained below US$ 70.

“This is due to the oil price in the national budget being set at US$ 82 per barrel, while the realized average was only around US$ 69. As a result, even though production volumes met targets, the revenue was still lower due to falling prices,” he explained.

Meanwhile, upstream oil and gas investment as of June 2025 reached US$ 7.19 billion. This amount represents only 43.6% of the investment target outlined in the budget, which is US$ 16.5 billion.

“We hope the outlook can meet or even exceed the 2025 target—potentially reaching US$ 16.9 billion—provided that there are no delays in our project timelines,” he added.