The government has promised a number of incentives in offering new work areas. These include increasing equity sharing between the government and contractors, which allows contractors to get a share of more than 50 percent.
first tranche petroleum
On Thursday, Arifin witnessed the signing of a Cooperation Work Contract between SKK Migas and the contractor for the Akia, Bengara I , and Beluga Working Areas. The contract for the three exploration Working Areas is valid for 30 years. The total investment commitment from all three amounts to 22.2 million US dollars with a signing bonus of 650,000 US dollars.
Before the end of 2023, the regulation is targeted to be released in order to accelerate the development of Indonesia's oil and gas block potentials.The atmosphere of the signing of the oil and natural gas working area cooperation contract on the second day of the 4th International Convention on Indonesian Upstream Oil and Gas 2023 held by the Special Task Force for Upstream Oil and Gas Business Activities Migas in Badung, Bali, on Thursday .
Investment Minister Bahlil Lahadalia stated that his ministry is continuously pushing for the downstreaming of oil and gas. This is due to the high dependency on imported commodities, such as petrochemical products or LPG. However, the abundant natural gas in Indonesia can be optimized to produce and substitute these imported products.
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