Purnomo stresses BPMigas? contract signing authority
Tuesday, September 3 2002 - 04:51 AM WIB
Minister of Energy and Mineral Resources Purnomo Yusgiantoro on Tuesday underlined the authority of the newly formed Implementing Body (BPMigas) to sign contracts with upstream oil and gas investors.
Purnomo admitted in a parliamentary hearing his office had earlier signed contracts in the upstream oil and gas sector, and this was because BPMigas had not been formed immediately after the new oil and gas law became effective late in 2001.
BPMigas was founded and started functioning only in July of this year, while the new law had stripped state oil and gas firm Pertamina of its authority to sign upstream contracts.
BPMigas holds the highest authority in Indonesia?s upstream oil and gas sector because it also supervises the operation of oil and gas contractors, and regulates the upstream oil and gas industry. (godang)