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Jakarta Post

Editorial: Bolstering oil investment

  • The Jakarta Post

  /   Thu, May 7 2009   /  12:51 pm

The 12 new oil and natural gas mining contracts awarded by the Indonesian government on Tuesday should be confidence-building deals for the country’s hydrocarbon industry at a time when the global credit crunch and sharp economic downturn have forced many oil firms to defer investment. The new oil investment commitment is also further evidence that the investment atmosphere in the country has significantly improved, thanks to the concerted efforts of the Upstream Oil and Gas Regulatory Agency (BP Migas) to expedite the approval of budgets and working plans of oil contractors, and to provide more clear-cut directives for cost recovery. Despite stepped up efforts to diversify sources of Indonesia’s commercial energy away from fossil fuels (into geothermal, biodiesel and coal-bed methane), oil and gas still account for more than 60 percent of energy consumption in this count...