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Jakarta Post

Six oil and gas firms to use local banks, more to follow, BP Migas says

  • The Jakarta Post

Jakarta   /   Fri, December 26 2008   /  11:20 am

Six oil and gas operators have opened six joint bank accounts at domestic banks to deposit their so-called abandonment and site restoration budgets totaling US$60 million. The nation's regulator for oil and gas upstream industry also has access to the account. The six contractors are: PT Pertamina EP, Medco Tarakan, Medco Rimau, Kalrez Petroleum, Kangean Energy Indonesia Ltd, and Kondur Petroleum SA, said BPMigas' chairman R. Priyono Wednesday. The abandonment and site restoration budget is the amount of funds oil and gas contractors must set aside to uproot their production facilities and restore environmental surroundings after they complete their activities. Priyono said the contractors used to place the money in individual accounts, which could be in foreign banks. Now, BPMigas has ordered them to put the money in domestic banks, whose accounts will be...