• Latest
  • Trending
Indonesia embarks on overhaul of oil, gas law to halt output slide

Indonesia embarks on overhaul of oil, gas law to halt output slide

January 26, 2019
Young car enthusiasts spend $7.2 billion a year customizing vehicles

Young car enthusiasts spend $7.2 billion a year customizing vehicles

February 20, 2021
Indonesian billionaire family in the crosshairs of corruption reporting

Indonesian billionaire family in the crosshairs of corruption reporting

February 11, 2021
Greenpeace: A threat to national security?

Greenpeace: A threat to national security?

February 10, 2021
Myanmar’s military takes power detains Suu Kyi

Myanmar’s military takes power detains Suu Kyi

February 2, 2021
Top 20 Hottest African Women

Top 20 Hottest African Women

February 2, 2021
How Africa can benefit from the new commodity super cycle

How Africa can benefit from the new commodity super cycle

February 2, 2021
Moving Israel to CENTCOM: Another Step Into the Light

Moving Israel to CENTCOM: Another Step Into the Light

February 2, 2021
Did Donald Trump Successfully Realign U.S. Global Power and Interests?

Did Donald Trump Successfully Realign U.S. Global Power and Interests?

February 2, 2021
Trump gone, Biden here…and Indonesia?

Trump gone, Biden here…and Indonesia?

January 29, 2021
Moscow: The Navalny riots

Moscow: The Navalny riots

January 26, 2021
Dutch PM condemns riots as ‘criminal violence’

Dutch PM condemns riots as ‘criminal violence’

January 26, 2021
Trump the Swamp Terror warns “We will be Back”

Trump the Swamp Terror warns “We will be Back”

January 26, 2021
citizendaily
  • Asia News
    • Northeast Asia
      • China
      • Japan
    • North Korea
    • Oceania
      • Australia
      • New Zealand
    • South Asia
      • Afghanistan
      • Bangladesh
      • India
      • Pakistan
    • Southeast Asia
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
  • World News
    • Africa
    • Europe
      • Germany
      • United Kingdom
    • Latin America
      • Cuba
      • Mexico
    • Middle East
      • Gulf States
      • Iran
      • Iraq
      • Saudi Arabia
      • Syria
    • North America
      • Canada
      • United States
    • Russian Federation
  • Economy
    • Brexit
    • Free Market
  • Politics
    • ASEAN
    • Diplomacy
    • ISIS
    • National Defence & Security
  • Editorial
  • Environment
    • Climate Change
    • Forests
    • Water & Oceans
    • Wildlife & Endangered Species
  • Lifestyle
    • Books & Literature
    • Entertainment
    • Food & Dining
    • Religion
    • Travel
    • Tech
  • Sports
No Result
View All Result
Thursday, February 25, 2021
  • Asia News
    • Northeast Asia
      • China
      • Japan
    • North Korea
    • Oceania
      • Australia
      • New Zealand
    • South Asia
      • Afghanistan
      • Bangladesh
      • India
      • Pakistan
    • Southeast Asia
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
  • World News
    • Africa
    • Europe
      • Germany
      • United Kingdom
    • Latin America
      • Cuba
      • Mexico
    • Middle East
      • Gulf States
      • Iran
      • Iraq
      • Saudi Arabia
      • Syria
    • North America
      • Canada
      • United States
    • Russian Federation
  • Economy
    • Brexit
    • Free Market
  • Politics
    • ASEAN
    • Diplomacy
    • ISIS
    • National Defence & Security
  • Editorial
  • Environment
    • Climate Change
    • Forests
    • Water & Oceans
    • Wildlife & Endangered Species
  • Lifestyle
    • Books & Literature
    • Entertainment
    • Food & Dining
    • Religion
    • Travel
    • Tech
  • Sports
No Result
View All Result
citizendaily
No Result
View All Result

Indonesia embarks on overhaul of oil, gas law to halt output slide

January 26, 2019
in Asia News, Business, Editorial, Environment, Featured, Indonesia, Science & Technology, Southeast Asia
0
Home Asia News
Post Views: 51


Indonesia’s government is planning revisions of its oil and gas law with President Joko Widodo this week responding to a proposal initiated by parliament, calling for a plan to revive the ailing sector and boost the country’s energy independence.

Widodo this week met with his senior cabinet members to craft a response to parliamentary proposals for a new law submitted in December. The revisions should provide momentum for regulatory reforms to make the oil and gas sector more efficient, transparent, straightforward, sustainable and provide added value to the national economy, Widodo said according to a statement from the cabinet secretary issued late on Wednesday.

Formerly an oil exporter and member of the Organisation of the Petroleum Exporting Countries, Indonesia’s crude output has plunged while its fuel demand has surged, making the country reliant on imports of gasoline and diesel.

The slump in oil and gas output has followed years of regulatory uncertainty. Recent pressure from the government on state-owned energy producer PT Pertamina to take over assets from oil majors like Chevron and Total has stoked concerns among foreign energy investors about the security of their projects.

RelatedPosts

In Southeast Asia, COVID-19 Slowly Tightens Its Grip

Indonesia Welcomes $38b Factories Relocation From China to C. Java

President Jokowi’s outburst over Covid-19 spells an imminent Cabinet reshuffle

Indonesia eyes growth rebound with exit from virus lockdowns

Why is Southeast Asia silent on Hong Kong?

Indonesia has struggled to revamp its last set of oil and gas laws passed in 2001 and a parliamentary committee finally proposed a new law to the full body in December.

Issues surrounding the oil and gas sector have long been a source of tension with foreign investors, and resolving these matters has proven challenging for Widodo, who is running for re-election in April.

“The aim of this revision must not only be to push to increase oil and gas production, but also to support the strengthening of national capacities, strengthening domestic industries and investment in our human resources in the oil and gas industry,” according to a statement on the cabinet secretary’s website. Among the changes the parliament proposed and which Widodo and his cabinet will discuss with them is the creation of a new oil and gas business entity that will also serve as a regulator, called BUKMigas, according to a draft of the law reviewed by Reuters.

That agency will take over from the current upstream regulator SKKMigas and the downstream regulator BPHMigas.

In addition to its regulatory role, BUKMigas will also be able to undertake work in oil and gas exploration and production. However, BPHMigas will still maintain oversight of pipeline fuel and gas transportation.

For the first time, Indonesia would have a state petroleum fund, bankrolled with revenue the government makes from oil and gas production as well as levies and bonuses, according to the draft. More talks about the proposed law will be held between Widodo’s government and the parliament.

Late on Wednesday, Energy and Mineral Resources Ministry Legal Bureau Chief Hufron Asrofi told reporters that the government is compiling a list of problems with the current draft for discussion.

According to a note on Indonesia’s oil and gas policy published this week by Fitch Solutions Macro Research, much work is still needed to attract investment to the oil and gas sector.

“When viewed in the context of intensifying competition for foreign direct investments across South and Southeast Asia, Indonesia remains at risk of falling behind, despite its impressive reserves profile and large market, if the tightening state grip over the sector is not loosened.”

Source :
Gulf Times
Tags: Hufron AsrofiJoko widodoPetroleumPT PertaminaSKKMigas
Previous Post

Australian-Chinese author’s detention raises important questions about China’s motivations

Next Post

George Soros Says the Cold War Between the U.S. and China Could ‘Turn Into a Hot One’

Related Posts

Young car enthusiasts spend $7.2 billion a year customizing vehicles
Asia News

Young car enthusiasts spend $7.2 billion a year customizing vehicles

February 20, 2021
Indonesian billionaire family in the crosshairs of corruption reporting
Asia News

Indonesian billionaire family in the crosshairs of corruption reporting

February 11, 2021
Greenpeace: A threat to national security?
Climate Change

Greenpeace: A threat to national security?

February 10, 2021
Myanmar’s military takes power detains Suu Kyi
ASEAN

Myanmar’s military takes power detains Suu Kyi

February 2, 2021
Top 20 Hottest African Women
Culture

Top 20 Hottest African Women

February 2, 2021
How Africa can benefit from the new commodity super cycle
Asia News

How Africa can benefit from the new commodity super cycle

February 2, 2021
Next Post
George Soros Says the Cold War Between the U.S. and China Could ‘Turn Into a Hot One’

George Soros Says the Cold War Between the U.S. and China Could 'Turn Into a Hot One'

Translate

Subscription

Popular Post

Young car enthusiasts spend $7.2 billion a year customizing vehicles
Asia News

Young car enthusiasts spend $7.2 billion a year customizing vehicles

February 20, 2021
0

    London (19/2 – 40). With reporting from BPT. For many car owners, their vehicle is an extension of their...

Read more

NGOs call for mass boycott of palm oil giant IOI

June 29, 2016
No peace for Greenpeace

No peace for Greenpeace

July 1, 2016

The Case Against Greenpeace

July 1, 2016
Children in ISIS Nusantara Media Outreach

Children in ISIS Nusantara Media Outreach

July 2, 2016
  • About Us
  • Creative Commons
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Contact Us

Topics

Follow Us

About Us

citizendaily.news is part of the citizen Daily Media Group LLC, which delivers daily news around the globe. ​

© 2012 The Citizen Daily

No Result
View All Result
  • Asia News
    • Northeast Asia
      • China
      • Japan
    • North Korea
    • Oceania
      • Australia
      • New Zealand
    • South Asia
      • Afghanistan
      • Bangladesh
      • India
      • Pakistan
    • Southeast Asia
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
  • World News
    • Africa
    • Europe
      • Germany
      • United Kingdom
    • Latin America
      • Cuba
      • Mexico
    • Middle East
      • Gulf States
      • Iran
      • Iraq
      • Saudi Arabia
      • Syria
    • North America
      • Canada
      • United States
    • Russian Federation
  • Economy
    • Brexit
    • Free Market
  • Politics
    • ASEAN
    • Diplomacy
    • ISIS
    • National Defence & Security
  • Editorial
  • Environment
    • Climate Change
    • Forests
    • Water & Oceans
    • Wildlife & Endangered Species
  • Lifestyle
    • Books & Literature
    • Entertainment
    • Food & Dining
    • Religion
    • Travel
    • Tech
  • Sports

© 2012 The Citizen Daily