Indonesia’s Ministry of Energy and Mineral Resources has announced the Indonesian Government would allow contractors to have equity shares of more than 50% in some new oil and gas blocks in order to attract investment in the country. The new terms will apply to both the cost recovery and the gross split contractual schemes. They will be implemented starting from the third bidding round of 2023 that was announced on 20 September and in which Indonesia will offer three exploration oil and gas blocks.
In addition, the Ministry announced its plan to accelerate the development of yet untapped oil and gas reserves in Indonesia, saying that 68 of the country's 128 hydrocarbon basins remained entirely unexplored. The government is also in the final stages of revising regulations to improve the economic viability of oil and gas projects in Indonesia.
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