Transactions in upstream sector reach $57.8b

By Febry silaban

Upstream oil and gas authority SKK Migas said on Friday transactions in the national upstream sector by the Production Sharing Contract (PSC) holders which are already in production reached US$ 57.8 billion in 2013

Financial Control Deputy of SKK Migas Budi Agustyono said the transactions consisted of $31.3 billion in oil transaction, $12.4 billion in pipeline gas transaction and $14.1 billion in LNG and LPG transactions.

"The payment of goods and services through the national banking industry was close to $8 billion throughout 2013," he said.

Budi explained SKK Migas has required PSC holders using national banks for payment of goods and services, as well as deposition of reserve funds for abandonment and site restoration (ASR).

Editing by Johannes Simbolon