Indonesia to propose oil and gas bill

Indonesia’s parliament asked the government to propose, within one year at the latest, an oil and gas bill which will focus on domestic energy needs, meaning that the bulk of oil and natural gas output from new fields should be allocated for domestic consumption. The House move could further discourage new investment in the hydrocarbon sector at a time when most oil companies have postponed new exploration projects, except in areas with very good prospects, due to the global economic downturn and shortage of international credit. (October 8, 2009)