Indonesia considers creating a state-owned upstream company
The government of Indonesia has submitted a bill to the parliament to create a new state-owned company in charge of upstream oil and gas activities, which would conduct business with private companies through production sharing contracts (PSCs) and would regulate the hydrocarbon sector. The upstream oil and gas regulator tasks (production licence allocation, work programmes and budget) are currently carried out by SKK Migas, which was created in 2001 and took over these activities from the national oil company Pertamina. This regulator role would be transferred to the new upstream company and the future functions of SKK Migas remain unclear.
The draft bill, which aims at liberalising the upstream oil and gas sector to boost growth, is expected to be passed within six months.
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