Wed, 14 Oct 2009
Jakarta (ANTARA News) - The House of Representatives (DPR) for the 2009 - 2014 term is planning to revise Law No. 22 / 2001 on Oil and Natural Gas because it is viewed to be no longer suitable in light of latest developments in the oil and gas industry.

DPR member Airlanga Hartarto in a discussion here on Tuesday said revision of the law was one of the recommendations issued by the Special Fuel Oil Inquiry Committee of the House of Representatives some time ago.

"Based on a recommendation of the House`s special inquiry committee not long ago, the law will be revised," Hartarto said.

Hartarto was the former chairman of the House Commission VII for energy affairs in the 2004-2009 DPR term.

He said that the revision of the law would put a stress on the national interest and on the cost recovery of oil and gas investment.

It would also stress on the strengthening of the roles of the Oil and Gas Regulating Body (BP Migas), the involvement of the House in the oil and gas work contract agreements, the availability of infrastructure facilities and the decision making on prices, he said.

Other DPR member of the Democrat Party faction, Ferari, also agreed the revision of the law because from the beginning the law had been bearing legal flaws following the cancellation of a number of its articles by the Constitutional Court (MA).

"I agree if the law is revised again so that a better law on oil and gas investment could be drafted," Ferari who is a newly elected DPR member said.

He hoped that a revised law on oil and gas investment would provide certainties for both domestic and foreign investors.(*)



News Search/Filter
Transaction Rates
18 Oct 17
Buy
Sell
BTC1
75,162,954
75,162,954
Taxation Exchange Rates
31 Aug 16 - 06 Sep 16
USD 1
13,232.00
AUD 1
10,043.30
CAD 1
10,213.70
DKK 1
1,999.40
HKD 1
1,706.22
MYR 1
3,283.28
NZD 1
9,623.63
NOK 1
1,605.23
GBP 1
17,433.70
SGD 1
9,757.68
SEK 1
1,569.45
CHF 1
13,631.10
JPY 100
13,101.00
MMK 1
11.01
INR 1
197.29
KWD 1
43,920.70
PKR 1
126.23
PHP 1
285.00
SAR 1
3,528.53
LKR 1
91.12
THB 1
382.08
BND 1
9,756.53
EUR 1
14,885.50
CNY 1
1,987.61

Okusi Associates: Indonesian Business & Management Services