Chevron Appreciation Regulatory Simplicity Creates Attractive Investment

By : Hariyanto And Aldo Bella Putra | Thursday, May 03 2018 - 20:00 IWST

Chevron.(Ist)
Chevron.(Ist)

INDUSTRY.co.id - Jakarta - Chevron appreciates the simplification of regulations by the Ministry of Energy and Mineral Resources (ESDM) and SKK Oil and Gas, thereby making the oil and gas investment climate in Indonesia more competitive.

In the 42nd Indonesia Petroleum Association (IPA) Convention and Exhibition in Jakarta, Wednesday (2/5/2018) Managing Director of Chevron IndoAsia Business Unit Chuck Taylor said that the ESDM Ministry continues to show strong commitment to partner with oil and gas investors for the benefit which is great for the country, among others by simplifying the regulations and applying more attractive fiscal provisions.

"With the competitive investment climate and potential reserves available, Indonesia has the opportunity to increase oil and gas investment, employment and higher revenues for the government," Chuck said.

According to him, in the midst of low commodity prices in recent years, oil and gas investors are required to find ways to lower costs and be more selective in making investment decisions.

At the same time, countries in the world compete to attract capital into their country and improve their investment climate.

In the plenary session, Chuck Taylor presented the views of oil and gas industry players to the level of Indonesia's competitiveness and how the Government and industry can work together to improve Indonesia's competitiveness.

He explained that investors need fiscal certainty as well as fiscal competitiveness.

A number of key keys to attract oil and gas investment, including revenue sharing that provides competitive returns for investors; adherence to the commitments laid down in the contract; the drafting of regulations based on data and practice globally.

Next, timely approval; simplification of permit process; alignment of policies between ministry and between central and local government.

In Indonesia, investors expect contract deals that support world-class operating performance, competitive financial value and revenue.

"I have seen positive changes through the revision of the ESDM Ministerial Regulation related to Gross Split," he said.

According to him, it is very clear that the ESDM Ministry has received industry input and strengthened the provisions to improve the competitiveness of this scheme.

With ministerial regulation, he said again, it can provide an additional share of the contractor, a more competitive investment return opportunity.

"I hope Mr. Minister Jonan will use this policy to realize the investment opportunities intact," he said as quoted by Antara.

Chevron is one of the world's leading integrated energy companies and through its subsidiaries in Indonesia has been operating in Indonesia for 94 years.

Chevron Indonesia became one of the largest crude producers in Indonesia. From oil and gas fields in Riau and offshore oil and gas fields in East Kalimantan, Chevron produces more than 13 billion barrels of oil to meet Indonesia's energy needs and economic growth.

In operating the oil and gas blocks, Chevron works under the supervision of SKK Oil and Gas under a Production Sharing Contract (PSC) contract.

News Comment

Today's Industry

NORD-DuoDrive.jpg: The innovative and patented DuoDrive geared motor reaches outstanding system efficiency Image: NORD DRIVESYSTEMS

Selasa, 17 Mei 2022 - 14:00 WIB

NORD DRIVESYSTEMS at LogiMAT in Stuttgart From 31st May to 2nd June 2022 NORD will present innovative drive solutions for intralogistics

The specialist LogiMAT exhibition in Stuttgart offers as comprehensive overview of the intralogistics and process management market. As one of the market leaders for drive technology, NORD presents…

President Jokowi attends the meeting between ASEAN leaders and American entrepreneurs at Intercontinental the Willard Hotel, Washington DC, Thursday (05/12). Photo by: Laily Rachev

Selasa, 17 Mei 2022 - 13:00 WIB

President Jokowi Invites US CEOs to Boost Cooperation with Indonesia

President Joko “Jokowi” Widodo has invited company CEOs in the United States to boost cooperation with ASEAN countries, particularly Indonesia.

President Jokowi, President Biden, and ASEAN Leaders on a group photo prior to the dinner, at the White House, Washington D.C., Thursday (05/12)

Selasa, 17 Mei 2022 - 12:28 WIB

President Jokowi, ASEAN Leaders Attend Dinner Hosted by US President

President Joko “Jokowi” Widodo Thursday (05/12) attended a dinner with the leaders of ASEAN countries hosted by President of the United States Joe Biden at the White House, Washington D.C.

(Photo: © 2022 KRAIBURG TPE)

Selasa, 17 Mei 2022 - 11:23 WIB

TPE unleashes benefits for pet accessories

The pet care market is rapidly expanding as pet ownership increases, as does spending on pet food, grooming tools, and accessories. Pet owners are significantly concerned about the prevalence…

Sergey Sedov, Founder and CEO of Robocash Group

Jumat, 13 Mei 2022 - 16:15 WIB

Robocash Group reached 2 BN USD of disbursement and issued audited financial report of 2021

Robocash Group publishes the audited combined financial statements for the year ended 31 December 2021. The Group reached an all-time high 2 BN USD of issued financing and is expected to increase…