All input and initiatives from the stakeholders will help develop and benefit all parties
Badung, Bali (ANTARA) - The government is providing financial support that is flexible and competitive to guarantee oil and gas investors in Indonesia get satisfying returns, Energy and Mineral Resources (ESDM) Minister Arifin Tasrif has said.



"In facing the current investment competency that has been getting stricter, the government will support the investors in the form of a financial system that is flexible and competitive, thus resulting in a great return," Tasrif remarked at the IOG 2021 International Convention here on Monday.



He also affirmed that global energy industry players have a great opportunity not only for participating in the country's oil and gas industry, but also for joining the push for energy transition business and development as well as carbon emission reduction.



The stimulus for investment will be continuously evaluated for Indonesia to win the competition and realize the production target, the minister said.


Related news: Government targets US$21.28 billion investment in mining sector



To support this aim, the ESDM Ministry has arranged a working agenda, initiative, and commitment in the sector of energy and mineral resources to bolster the progress of the oil and gas industry and new and renewable energy (EBT) in Indonesia, he informed.



"All input and initiatives from the stakeholders will help develop and benefit all parties," Tasrif explained.



From January to September 2021, the realization of oil and gas investment in Indonesia reached US$9.07 billion, or 56.67 percent of this year's target (US$16.81 billion), he noted.


Related news: COP26: Energy Minister outlines Indonesia's plan for phasing out PLTUs



The investment realization included the upstream sector of oil and gas (US$7.65 billion) and the downstream sector (US$1.42 billion)s.



Meanwhile, Investment Minister and Investment Coordinating Board (BKPM) chairperson Bahlil Lahadalia informed that the government has been proactive in designing policies and regulations for enabling cooperation contract contractors (KKKS) or companies wishing to perform oil and gas well drilling to get closer to Indonesia.



"The formulation that we are currently building includes incentives. Thus, we target (investments in) the upstream oil and gas sector to reach around US$15 billion to US$16 billion," he expounded.


Related news: Government will never abandon upstream oil, gas industry: Minister

Related news: Youngsters play crucial role in water resources preservation: Ministry

Translator: Sugiharto P, Kenzu T
Editor: Fardah Assegaf
Copyright © ANTARA 2021