JAKARTA: A number of upstream oil and gas projects worth US$1.15 billion are delayed due to incomplete evaluations.Deputy Head of Upstream Oil and Gas Supervisory Agency (BP Migas) Hardiono revealed the the project realization is one of the important factors for upstream oil and gas sector in achieving the production target. Also, the realization of the billion-rupiah projects shall give positive effect to the national economy as it will utilize local goods and services, including banking services in the country.Until August 2010, BP Migas recorded approximately US$8.5 billion from banking transactions related to goods and services of the upstream oil and gas sector. Utilization of the national banking service was introduced in April 2009.BP Migas targets procurement activities from upstream oil and gas sector through the national banking system to reach 70% of total spending this year. The national procurement of goods and services usually takes up 70% of the total cost recovery.Until October, cost recovery valued US$7.7 billion. The cost recovery in the 2010 Revised State Budget until the end of the year is US$12.19 billion.Hardiono further said that the total value of delayed projects shows the procurement plan of two ships by ConocoPhilips in Belanak and Belida is the largest with US$500 million. According to him, the delayed project was due to failure in the tender process which has been done twice. (T03/NOM)
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