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INDONESIAN GOVT URGED TO ADJUST OIL AND GAS INVESTMENT POLICIES.
JAKARTA, March 1 Asia Pulse - The Indonesian government has been warned that unless it makes drastic changes to oil and gas investment policies investments will tend to decline.
"We estimate investments in the country's upstream oil and gas sector in 2001 fell to US$3 billion to US$3.5 billion from US$5 billion a year earlier," Chief of the Indonesian Petroleum Association (IPA) Brian Marcottee said after closing the organization's 28th annual convention on Thursday.
Brian, who is also president director of Unocal Indonesia, said investments in the country's upstream oil and oil gas industry this year and next year would be below US$5 billion.
Indonesia, which is trying hard to get out of a multidimensional crisis, is in need of investments in its oil and gas sector, he said.
For this part, the government should be more serious in creating legal certainty and conducive business climate and provide incentives to attract as many investors as possible, he said.
He said the reform of the country's oil and gas policies and strategies to attract investors should be made by, among other things, providing tax relief and ...
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