Indonesia opens investment in 60 new oil and gas blocks

Jakarta, Oct 29 (IANS) The Indonesian government announced the opening of investment opportunities for 60 new oil and gas blocks across 14 regions.

Ariana Soemanto, director of upstream oil and gas development at the Ministry of Energy and Mineral Resources, said in a statement on Monday that these blocks are ready for exploration and development over the next four years, reports Xinhua news agency.

"Based on 34 joint studies, we have identified 60 oil and gas blocks available for development. We invite investors to collaborate with us to turn these areas into productive sites, with attractive incentives on offer," Soemanto said.

Indonesia is currently seeking ways to increase domestic oil production to reduce imports. Soemanto said the government provided several conveniences for investors, such as direct offers without the need for joint studies as well as opportunities for exploration in open areas.

"Investors can also extend the exploration period for more than 10 years. We are also reviewing the potential change in the signature bonus scheme to an exploration commitment," Soemanto said.

--IANS

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