New IPA chief sees no key change in 2018

The Jakarta Post - - BUSINESS -

JAKARTA: Newly ap­pointed In­done­sian Petroleum As­so­ci­a­tion (IPA) pres­i­dent Ron­ald Gu­nawan ex­pects no ma­jor changes in the oil and gas in­dus­try next year.

Speak­ing to re­porters dur­ing a press brief­ing at the as­so­ci­a­tion’s 46th an­nual meet­ing in Jakarta on Wed­nes­day, Ron­ald said le­gal un­cer­tain­ties caused by tax reg­u­la­tions might still ham­per the in­vest­ment cli­mate in the oil and gas sec­tor.

This is­sue had to be ad­dressed by the gov­ern­ment in or­der to lure more in­vest­ment in the coun­try’s up­stream oil and gas sec­tor, he added.

“We are not sure yet about the in­ter­ests of in­vestors in In­done­sia. We will watch the in­vestors’ par­tic­i­pa­tion in the up­com­ing bid­ding round of new oil and gas blocks by the end of this year,” Ron­ald said.

Ron­ald, the di­rec­tor of Medco En­ergi In­tre­na­sional Tbk. (Medco), was elected the pres­i­dent of the busi­ness group to re­place Christina Verchere of BP In­done­sia dur­ing the an­nual meet­ing. It also named Tum­bur Par­lin­dun­gan, the pres­i­dent di­rec­tor of PT Saka En­ergi In­done­sia, as IPA sec­re­tary, a po­si­tion pre­vi­ously oc­cu­pied by Ron­ald.

Dur­ing the meet­ing, the as­so­ci­a­tion also ac­knowl­edged that oil prices, which dropped to about US$40 per bar­rel in Oc­to­ber, have shown signs of re­cov­ery in the last two months.

West Texas In­ter­me­di­ate crude futures were traded at $57.37 a bar­rel on Wed­nes­day.

Verchere, mean­while, es­ti­mated that the oil prices would hover be­tween $50 to $60 per bar­rel next year. — JP

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