Upstream Oil and Gas Business Needs Stimulus as Crude Price Melts Down

Summary

Indonesia Petroleum Association (IPA) recommends the government to provide stimulus to maintain the upstream oil and gas business continuity amid oil prices that have dropped below US$ 30 per barrel. IPA Director Nanang Abdul Manaf told Bisnis.com the long-lasting oil prices slump could have an impact on all Cooperation Contract Contractors (KKKS) activities.

Nanang said the oil price had touched its psychological level. Thus, it affects the investment activities in the domestic upstream oil and gas sector as most oil and gas projects are no longer economical, with oil prices below US$ 30 a barrel. Therefore, the government must provide a stimulus to prevent disruption in activities, so that the national lifting target can be achieved.

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