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06 April 2010
In an effort to shore up Indonesia's declining oil and gas production, which has resulted in the country becoming a net oil importer in recent years, the minister of energy and mineral resources recently issued the Regulation on Policy Guidelines for Oil and Gas Production Increase (6/2010).
Among other things, the regulation requires oil and gas contractors to:
In executing the above obligations, contractors must:
Contractors that do not submit their field development plan will be required to relinquish their field to the Ministry of Energy and Mineral Resources. The minister also requires BP Migas - the upstream oil and gas supervisory agency - and the Directorate General of Oil and Gas to assist contractors in the execution of their obligations by, among other things, improving their internal coordination and accelerating the processing of regulations and licenses.
The regulation, which entered into force on February 2 2010, repeals and replaces all previous contradicting previous ministerial regulations.
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