Govt to issue ruling on ?Implementing Body? this month

The government will issue a ruling on the establishment of the so-called ?Implementing Body? this month, earlier than the initial November schedule, according to Director General of Oil and Gas Rachmat Sudibyo.

The Implementing Body will be the highest authority in the country?s oil and gas industry as stipulated by the new oil and gas law, approved late last year. It will take over the decades-long role of the state-owned oil and gas firm Pertamina in regulating and managing the oil and gas industry. The body has authority to sign oil and gas contracts. It is directly accountable to the country?s President.

Rachmat has been tipped to become the head of the body.

Speaking to reporters on the sidelines of the IIOGE energy conference in the resort island of Bali Saturday, he said that the move was necessary to anticipate the issuance of new oil and gas contracts or the renewal of oil contracts in the very near future.

He pointed out as an example on the Costal Plain Pekanbaru oil and gas contract in Riau which would expire on August 8, 2002.(Alex)