Oil and gas contractors propose US$13.8 billion investment

Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 20 Desember 2010  |  01:15 WIB

JAKARTA: As much as 219 contractors for joint contract (KKKS) of oil and gas propose US$13.8 billion investment by next year whose 10% of total investment is allocated for exploration.

Head of Executive Agency for Oil and Gas Upstream Business Activity (BP MIGAS), R. Priyono confirmed that evaluating the 2011's work program and budget proposed by KKKS, BP Migas reported US$13.8 billion investment to be readily allocated."The investment reaches US$13.8 billion. Exploration has doubled compared to last year exploration by 4%-5%. Now, it almost stands at 10%," he told Bisnis recently.Priyono also informed that the increase of exploration activity is amid a insistence of BP Migas to soar the oil reserves that tends to reduce continuously.Meanwhile, Planning Deputy at BP Migas Haposan Napitupulu revealed that out of 245 KKKS operated in Indonesia, 219 KKKS have proposed WP&B approval in 2011 consisting of 60 production contractors, and 179 exploration contractors. (t01/wiw)

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