Megawati will soon sign new oil and gas regulation

President Megawati Sukarnoputri is expected to soon sign the long awaited regulations on upstream and down stream oil and gas activities after being delayed for several months, Koran Tempo daily reported on Wednesday.

State Secretary Bambang Kesowo said in Jakarta on Tuesday that his office had received the revised version of the draft of the regulations from the ministry of energy and mineral resources.

He said there was no problem any more in the draft of the new regulations and hoped that the President would be able to sign the regulations before the end of her presidential team in October. 20.

The draft of the regulations, which would be issued as the implementation ruling of the new oil and gas law had been revised after being rejected by the presidential office. According to the state secretary, the draft of the regulation was sent back to the ministry of energy and mineral resources in August because it lacked the reform spirit stipulated in the law.

The proposed regulation would, among others, clarify the role of the government in the signing of new oil and gas production sharing contracts and the function of BP Migas in the development of oil and gas sector. (*)