Indonesia needs $6b to boost oil production to 1 million bpd
Data from SKK Migas shows that foreign and domestic investment in oil and gas exploration in Indonesia has been generally declining over the past five years. The main issue is limited funding. Finance Ministry and Energy and Mineral Resources Ministry have implemented several new policies to encourage exploration.Finance Ministry has introducing tax incentives through Finance Ministerial Regulation no. 122/2019 that exempts oil and gas company from paying taxes on luxury goods (PPnBM) and value-added taxes (PPN) for exploration-related products. Meanwhile, Energy and Mineral Resources Ministry has reduced 104 permits were required in the downstream industry and only two applied to the upstream industry.
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