Megawati vows to improve security condition to attract more investment in oil, gas sectors
Tuesday, February 26 2002 - 02:55 AM WIB
Speaking at the opening of the three-day Indonesia Petroleum Association (IPA) annual conference, she said that the oil and gas sector played a crucial role in the development of the country?s economy.
She said that despite the limited capacity, the government would work hard to maintain security condition in the vast country, which has been hit by various ethnic and religious clashes, and demand for disintegration.
Poor security condition in the country during the past couple of years has discouraged many foreign investors including in the capital intensive oil and gas sector from resuming investments here.
The theme of the conference is: ?Indonesia?s Oil and Gas in Transition: Seize the Opportunity.?
Meanwhile, IPA chairman Brian Marrcote said the association was ready to work together with the government to push development in the oil and gas sector.
He cited a report saying that Indonesia?s current oil reserves stand at 10 billion barrels, while gas at more than 150 trillion cubic feet.
He also said that the new oil and gas law No. 22/2001 will usher in a new era in the country?s oil and gas sector.(alex)