VIVAnews - The government will renew the management contract of the A Block by PT Medco E&P in East Aceh Regency, Nanggroe Aceh Darussalam.
Head of Upstream Oil and Gas Regulator R Priyono said Medco should comply with several conditions. "Actually, the contract renewal is certain," he said on May 20 in Jakarta.
According to him, the conditions include first tranche petroleum, domestic market obligation and profit share between the government and Medco. The previous contract specifies that, Priyonos said, 65 percent of profit share is allocated to the government.
Medco E&P President Director Budi Basuki said Medco will soon meet the proposed conditions.
He said Medco asks for contract renewal of 20 years.
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Translated by: Bonardo Maulana Wahono
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