JAKARTA, Indonesia - Indonesia is looking to increase investment in new oil-and-gas projects by offering incentives, President Susilo Bambang Yudhoyono said on Wednesday.
The ministries of finance and energy and mineral resources are looking "for the right form of incentives," Mr. Yudhoyono said without elaborating when opening an annual oil and gas conference. Red tape will be cut to expedite the "business process," the president added.
Indonesia's crude-oil production has declined as a result of no new reserves being discovered.
An unclear regulatory environment makes companies reluctant to spend billions of dollars exploring for new reserves, people in the industry said.
Copyright (c) 2012 Dow Jones & Company, Inc.
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