42 proposals for joint studies on oil and gas areas approved in 2007
Wednesday, December 26 2007 - 02:13 AM WIB
The ministry's director for development of oil and gas upstream operation R. Priyono said in Jakarta on Tuesday that the ministry approved 42 proposals for joint studies on oil and gas areas during 2007, 14 of which have been completed, 26 are still underway and the other two have failed
He also said as many as 65 proposals had been rejected while the remaining 82 were under consideration. According to him, the joint studies are conducted by the government team in cooperation with companies which are interested in taking part in exploration and production activities under a direct appointment.
In order to attract more investors to enter the country's oil and gas exploration, the ministry would further simplify the existing regulations on the mechanism in determining a working area for a production sharing contractor (PSC), he said. (*)