Government Revises Indonesia's Crude Price Formula

By Editorial Team 19/05/2021
Summary

The Ministry of Energy and Mineral Resources (ESDM) changed the formula for Indonesia Crude Price (ICP). The revision was based on the evaluation of the Indonesian Crude Oil Price Team and contained in the Minister of Energy and Mineral Resources Decree Number 80.K/MG.03/MEM.M/2021 on the Indonesian Crude Price Formula, which took effect on April 28. 

"In the Appendix, ESDM Minister Decree Number 80.K/MG.03/MEM.M/2021 lists 55 types of Indonesian crude oil, of which the Meslu type oil is no longer listed. Another change is that Arjuna oil is no longer Indonesia's primary crude," as written in Article 1 of the decree.

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