Jakarta – Revenue from oil and gas sector is expected to reach US$11.3 billion this year, a top oil and gas industry official said on Friday.

"We have developed and explored new oil and gas fields with potential of some one billion barrel per day," chairman of the Oil and Gas Regulatory Board (BP Migas), Rachmat Sudibyo said at the ceremony of the board's second anniversary.

"I am optimistic that the estimated figure would be achieved despite decreasing trend in the past five years," he added.

According to the board's record, Indonesia's oil production peak was reached in 1977 with 1.7 million barrel per day (mbpd). The output, however, kept decreasing with 1.25 mbpd in 1982.

In 1992 to 1996 period, the average was 1.6 mbpd and again decreased to 1.1 mbpd last year. This year the output is projected to slightly improved at 1.125 mbpd.

Meanwhile, gas production shows increasing trend with proven reserve this year is recorded at 90.3 trillion cubic feet (TCF) and potential reserve stands at 86.29 TCF.