VIVAnews - Upstream Oil and Gas Regulator (BP Migas) will issue a circulation letter next week which will obligate foreign oil and gas contractors to make use of national banking for depositing pre- and post-operation fund.
"We will issue the circulation letter next week. It will be a BP Migas Director's circulation letter," said BP Migas Director R Priyono in Jakarta, Friday, Nov 28.
According to Priyono, next year's transactions are estimated to reach US$11 billion. It is estimated that the regulation will contribute to the advancement of national banking, which is now lacking in foreign exchange liquidity.
The fund deposit regulation will in the future not only aim at cash flow, but also salary payment. So far, transactions on goods and services procurement are imported by production sharing contract (PSC) head office.
Prior to applying the mechanism, BP Migas will consult with the Indonesia Association Petroleum (IPA).
Translated by: Bonardo Maulana W.
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