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The role and monopoly of Pertamina (the State-Owned Oil and Natural Gas Company) will be affected if the draft Oil and Natural Gas Law is enacted by Indonesia's Parliament.
The proposed Law would implement reforms which have long been discussed within the Government. Pertamina's exclusive authority to grant rights to exploit oil and natural gas resources and to regulate such exploitation would be returned to the Government.
Existing production sharing, technical assistance, enhanced oil recovery and liquefied natural gas sale and purchase contracts would remain in effect under their current terms.
New contracts for oil and natural gas exploration and exploitation under the proposed Law would be in the form of "co-operation agreements" with the Government. A tender process would select contractors for specified areas. |
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