Indonesia Offers Incentives to Invest in New Projects

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.


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.