SKK Migas, the government's special taskforce for upstream oil and gas business activities in Indonesia, said direct investment in the country's upstream oil and gas sector reached USD $1.8 billion by the end of February 2018 (equivalent to around 13.84 percent of SKK Migas' full-year 2018 investment target in the country's oil and gas sector).

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The government of Indonesia is confident that the new gross profit sharing mechanism that is set to replace the cost recovery scheme in the oil and gas industry in early 2017 is a fairer system for both the oil & gas contractor and the government. Earlier this month, Indonesia's Energy and Mineral Resources Ministry announced this change in course. However, the new gross profit sharing mechanism in the oil and gas industry will only be applied to new contracts starting from early 2017.

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Indonesian Energy and Mineral Resource Minister Arcandra Tahar was dismissed (honorably) from his post by President Joko Widodo on Monday (15/08) after reports surfaced that indicated Tahar holds American citizenship. Indonesian law does not recognize dual citizenship (except for persons under the age of 18 years). Tahar had only just been appointed the country's Energy Minister in a cabinet reshuffle that took place on 27 July 2016 (Tahar replaced Sudirman Said). State Secretary Pratikno announced the Tahar's dismissal in the late hours on Monday.

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On Friday (14/10) Indonesian President Joko Widodo appointed Ignasius Jonan as Indonesia's new Energy and Mineral Resources Minister. Jonan is the nation's former Transportation Minister who was replaced by Budi Karya Sumadi in a cabinet reshuffle in late July 2016. Meanwhile, the position of Energy and Mineral Resources Minister had been empty (although for the time being filled by Coordinating Minister for Maritime Affairs Luhut Pandjaitan) after the dismissal of Arcandra Tahar in mid-August 2016.

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