RI streamlines oil, gas licensing procedure

In a bid to help accelerate investment in the country?s upstream oil and gas sector, the government said it would drastically cut down the number of permits in the sector from 69 to 8.

The new move is part of economic policy measures unveiled late last week by Coordinating Minister for the Economy Hatta Rajasa to help cope with the impact of the current volatility in the currency market, which has seen the rupiah plunging to multi years low, and to maintain economic growth.

In a bid to help maintain foreign exchange reserves and support the ailing rupiah, the government said it would also reduce the import of diesel fuel, and increase the use of biodiesel at home.

Editing by Reiner Simanjuntak