Indonesia Welcomes US$3.62 Billion Gas Commercial Deals

By Editorial Team 02/12/2021
Foreign investment
Summary

The second International Convention on Indonesian Upstream Oil and Gas 2021 (IOG 2021) in Bali closed on Wednesday with 41 commercial agreements for the oil and gas sector. The signing includes 12 sales and purchases agreements with a total supply commitment of 189 billion British thermal units per day (BBTUD) and 620 thousand metric tons of LPG per year, one head of agreement (HoA), two memorandums of understanding (MoU), and 26 agreement as to the implementation of natural gas price adjustment with a total volume of 926 BBTUD.

The cooperation contracts term varies from two to 14 years. "The potential revenue from the natural gas and LPG sales reaches US$3.62 billion with US$1.14 billion goes to state revenue," Deputy Head for the Upstream Oil and Gas Business Regulatory Task Force (SKK Migas) Fatar Yani said in a statement, adding that the gas contracts is also to support national economic growth.

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