Oil firm bosses to meet in Bali

Oil firm bosses to meet in Bali

JAKARTA (JP): At least 250 executives of major foreign and
local oil companies have confirmed their participation in an
exhibition and conference on the international oil and gas
industry to be held in Bali early next month, the organizing
committee said here on Saturday.

Organizing committee Chairman Fernando H. Titaley said the
secretary-general of the Organization of Petroleum Exporting
Countries (OPEC), Rilwanu Lukman, had also confirmed his
attendance at the conference, which would be held for four days
starting on Sept. 7.

He said the Indonesian International Oil & Gas Exhibition
(IIOGE) 1999 would mainly focus on the impact of Indonesia's new
oil and gas law on the country's oil and gas industry.

The draft law on oil and gas, which will among other things
abolish the exclusive rights held by state oil company Pertamina
to develop the country's oil and gas resources, is now being
debated at the House of Representatives.

The House is expected to pass the bill into law later this
month.

"We have perfect timing in holding this conference as the bill
is expected to be finalized in late August," he said, adding that
the participants could hear the legislation and its implications
straight from the ministers.

Foreign oil and gas companies were mostly anxious over the
outcome of the House's debate as the new legislation, if
approved, would give them easier access to tap the country's oil
and gas resources, Fernando said.

Keynote speeches will be delivered by OPEC secretary-general
Rilwanu, Minister of Mines and Energy Kuntoro Mangkusubroto, and
Pertamina president and CEO Martiono Hadianto.

Rilwanu will talk about the changes in global energy
production and the development of Indonesia's downstream sector,
according to the organizer.

Kuntoro and Martiono will be speak about the changes in the
oil and gas industry's operations under the new legislation.

Fernando said other confirmed speakers included State Minister
of Investment Marzuki Usman and State Minister for Empowerment of
State Enterprises Tanri Abeng.

Besides Rilwanu, foreign speakers at the conference would also
include Kuwait Minister of Oil Sheik Said Nasser Al Sabah.

The conference was originally scheduled to be held in Jakarta,
but the political uncertainties caused the change in venue to
Bali, which was considered a neutral territory, he said.

Fernando said the committee would distribute 300 to 400
complimentary airplane tickets for mid-level managers of oil
companies, government officials, and experts due to the venue
change.

The total budget spent in one year of preparations reached
US$600,000, he said, adding that the committee did not expect any
profit from this year's conference.

"We plan to make this an annual event and hope that we would
make a profit starting IIOGE 2000," he said. (02)