Sat, 01 Aug 2009
From:
Spending by 60 oil and gas contractors already producing in Indonesia is estimated to reach US $15 billion this year, an official predicted.

Around 65 percent or US $9.75 billion will be spent on goods and services, Hardiono, a deputy at the upstream oil and gas regulator BP Migas said.

In the first half of the years, the contractors already spent US $2.8 billion on goods and services, Hardiono said, adding state bank handled part or US $1.8 billion worth of the financial transactions.

Hardiono said BP Migas requires oil and gas contractors to use the services of state banks purchasing goods and services they need and failure to observe the regulation would face sanction.

The regulation, however, is not retroactive, therefore, some contractors are allowed to use foreign banks with which they already have agreements before the regulation was issued, he said.



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