Indonesia's Energy and Mineral Resources Ministry targets to replace the cost recovery scheme in the oil and gas industry in January 2017. Instead, the government would use contracts with a gross profit sharing mechanism. The new scheme would simplify procedures (making the investment climate more attractive) while Indonesia "continues to prioritize the interests of the nation and optimize the use of local resources and labor", Deputy Energy Minister Arcandra Tahar said. The proposed changes will not affect existing contracts between contractors and the Indonesian government.
Update COVID-19 in Indonesia: 1,298,608 confirmed infections, 35,014 deaths (23 February 2021)
23 February 2021 (closed)
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