11 oil and gas contractors open accounts in state banks

As many as 11 oil and gas contractors have opened accounts in three state-owned banks Bank BNI, Bank Mandiri and Bank Rakyat Indonesia (BRI) following the request from oil and gas regulatory body BPMIGAS that they keep their operating funds in local banks, Kontan reported on Wednesday.

BPMIGAS's Deputy Chairman Suseno Wirjawan said in Jakarta on Tuesday that the 11 oil and gas contractors kept a total of US$7.7 million in the three state banks.

With the opening of bank accounts by the 11 oil and gas companies, the total amount of abandonment and site restoration (ASA) funds kept by the country?s oil and gas contractors in local banks have reached about $135.42 million.

BPMIGAS issued an appeal early this year to the country?s oil and gas companies to keep their operating funds especially the so called ASA funds in local banks in a bid to help strengthen the local financing system. Previously, most of the oil and gas contractors put the money in overseas banks. (*)