Minister to issue regulation on contract extension soon

By Godang Sitompul

Minister of Energy and Mineral Resources Sudirman Said said on Wednesday he will soon issue the long-awaited regulation on contract extension.

?I am studying the issue now and will decide to issue the regulation on contract extension within one or two days. In brief, we shall issue a ministerial regulation on the matter this week. And next week, we shall issue the extension of the contract for the blocks that need contract extension,? he said.

He refused however to specify which contracts that will be extended

He said uncertainties regarding contract extension were among the ?bottlenecks? faced in the industry.

?I appreciate business players and members of oil and gas professional associations for their willingness to cooperate with the regulator. We shall try to remove all the bottlenecks that have been hampering the industry,? he said.

Editing by Johannes Simbolon