Govt expects US$2 billion from oil and gas in 2018-19
The government expects to receive more than US$2 billion from the oil and natural gas sector in 2018-19, according to its Union Budget proposal, which was distributed to members of parliament yesterday.
In this year’s proposed account, a breakdown was given on expected income and expenditure for the oil and natural gas sector. According to this, the expected income from onshore and offshore oil exploration and production, which includes bonuses, taxes, royalties and cost recovery, is K1.87 trillion. Meanwhile, the remaining income will come from piped gas, including fees for land leases.
For the coming fiscal year, offshore gas production is expected to reach 653,310 million standard cubic feet. Furthermore, the Yetagun project is expected to produce 868,360 barrels of condensate.
Total expenditure for oil and gas sector is expected to total K1.45 trillion, taking estimated earnings to around K700 billion.
For more detail; https://www.mmtimes.com/news/govt-expects-us2-billion-oil-and-gas-2018-19.html