Government of Indonesia opens the oil and gas working areas bid round after being postponed in 2020 due to the world crude oil price fluctuation and the Covid-19 pandemic. The government has taken efforts to make a more attractive tender by improving the Terms & Conditions such as contractor's profit split improvement by taking into account the risk factor of the block, open bid Signature Bonus, 10% FTP, 100% DMO price implementation during the contract period, flexibility of PSC scheme (Cost Recovery or Gross Split PSC), new provision of relinquishment (no mandatory of partial relinquishment of area in the 3rd year of the contract), easy access to data through Migas Data Repository (MDR) membership mechanism, as well as incentive and tax facility based on the prevailing laws and regulations.
The announcement is made virtually by Director General of Oil and Gas Tutuka Ariadji at the Oil and Gas Investment Day event hosted by the Ministry of Energy and Mineral Resources and IPA on Thursday (June 17).
There are six (6) working areas on offer, consisting of four (4) working areas in Direct Proposal Tender mechanism and two (2) working areas in Regular Tender mechanism.
Read more here – Source: Indonesia Ministry of Energy and Minerals
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