Govt amends regulation on oil and gas upstream activities
Monday, September 12 2005 - 01:43 AM WIB
The Government has amended regulation (PP No. 35/2004) regarding oil and gas industry's upstream activities by issuing the PP 34/2005, the Koran Tempo reported in its Monday edition.
The new regulation, which was isued on Sept. 10, 2005, is aimed at clearing the way for the extension of ExxonMobil Oil Indonesia's contract in the Cepu oil and gas block.
As per the amendment, ExxonMobil's contract will be extended for 30 years since the signing of the contract by the government.
Based on the article 28 of Chapter 1 of the PP 35/2004, "the contract can only be extended for only 20 years every time".
The extension of the contract will be signed during this month.(*)