Monday, 16 September 2019 | 12:02 WIB

Indonesia and Kuwait Sign Oil-Gas Investment Cooperation

Indonesia and Kuwait Sign Oil-Gas Investment Cooperation (special)

JAKARTA, NETRALNEWS.COM -- The Indonesian government has reiterated its commitment to support foreign investments to boost the country's economy. The Indonesia Ministry of Energy and Mineral Resources (ESDM) and Kuwait Foreign Petroleum Exploration Co. (KUFPEC) have signed a Cooperation Contract (KKS) for Oil and Gas Working Areas resulting from the Auction in 2019 Phase I Work Area.

"To collaborate with KUFPEC in the Anambas region, KUFPEC has committed to conducting a G to G (government to government) study, implementing 3D seismic purchase licenses and 3D seismic reprocessing covering an area of ​​600 square kilometers, and one exploration well," said the Director General Oil and Gas Ministry of Energy and Mineral Resources, Djoko Siswanto.

Djoko said that the signature bonus of the investment cooperation amounted to USD2.5 million (equivalent to IDR35 billion), with a total value of a fixed commitment of USD35.2 million.

The process of signing the KKS was also witnessed by Deputy Minister of ESDM Arcandra Tahar, Head of SKK Migas Dwi Soetjipto, Secretary General of the Energy Ministry Ego Syahrial, and several related ranks.

"With the signing of this KKS, we show how serious the commitment and enthusiasm of the Indonesian government is to support outside investment. We even shorten all the processes and documents needed in just one month," Arcandra said.

Arcandra hopes that by demonstrating this commitment, other foreign investors will be interested in investing in Indonesia.

"We also appreciate the efforts of the Government of Indonesia to demonstrate its commitment to supporting our investment. So far we have no definite target because we have just signed a contract. But we will continue our studies and take part in further work programs," said KUFPEC Manager for South East Asia Region Bader Al-Matar.