Investasi Hulu Migas Terus Menurut, Komisi VII Desak Revision UU Migas Dikebut

Deputy Chairman of Commission VII DPR RI, Maman Abdurahman. (Photo: Doc. Antara)

JAKARTA - Commission VII of the DPR RI has agreed on a revision of the Law on Oil and Gas (UU Migas) so that the revision of the regulation governing the production and exploitation of energy resources can be completed next year.

This revision is considered to have to be completed immediately in order to provide legal certainty and attract investment in upstream oil and gas.

"Immediately complete the Revision of the Oil and Gas Law, no later than June 2023. This is a legal umbrella for institutional strengthening and certainty of upstream oil and gas investment in Indonesia," said Deputy Chairman of Commission VII DPR RI, Maman Abdurahman in a Hearing Meeting (RDP) with SKK Migas in Jakarta quoted Thursday, November 17.

Maman added, this revision must be accelerated because currently investment in the Indonesian oil and gas sector has decreased, as well as down oil and gas lifting.

Therefore, the revision of the Oil and Gas Law is expected to provide stronger legal certainty to attract investment in the upstream oil and gas industry.

This is reflected in the decline in upstream oil and gas investment set by SKK Migas which was previously set at US$13.2 billion and only in the range of 12.1 billion US dollars.

"This revision of the Oil and Gas Law will be an initiative of the DPR to be able to accelerate the discussion of the contents contained in the national oil and gas upstream umbrella regulations," he continued.

Not only that, Commission VII also urged SKK MIgas to increase the realization of oil and gas lifting from the APBN target in accordance with the plan for 12 on stream projects in 2022 with the potential to add 19,000 BOPD and 567 MMSCFD as well as accelerate national strategic projects.

In addition, Commission VII also encourages the Head of SKK Migas to cooperate with professional consultants in order to increase reserve findings, planning and optimizing national oil and gas field development.

Meanwhile, Head of SKK Migas Dwi Soetjipto at the meeting said the decline in investment was influenced by the activities of oil and gas companies that tended to withhold their investment in risky portfolios.

However, he assessed that the low-suppressed investment in 2022 still showed positive performance, an increase of 11 percent compared to the previous year.