inp.polri.go.id - Jakarta. Minister of Energy and Mineral Resource Bahlil Lahadalia says his party will evaluate regulations and policies to boost investment for the upstream oil and gas industry.

“We are developing comprehensive and measurable steps, especially in licensing regulations," said the Minister of Energy and Mineral Resources on Wednesday (9/11/2024).

According to Bahlil, the current policies are too complicated and to boost the investment in the upstream industries, they need to simplify the policies.

Moreover, the government will also provide sweetener to investors who want to invest in Indonesia. Currently, many countries are competing to get foreign investors to invest in the upstream oil and gas sector.

Previously, the Energy and Mineral Ministry said a new gross split scheme (new GS) production sharing contract was prepared to encourage more attractive upstream oil and gas investment in Indonesia.

The contract simplifies the contractor's production sharing (split) component in the GS contract, which previously included 13 components to only five components, making it more implementable, simple, and the amount of the profit sharing is also more attractive to contractors.

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