Indonesia's Petroleum Contract Under Rising Resource Nationalism Environment
Article from: OGEL 5 (2013), in Contract Management, International Petroleum Contracts
Introduction
Indonesia has been at the forefront in devising a workable formula to involve International Oil companies (IOCs) in the development of its oil/gas industry. The Production Sharing Contract (PSC) of 1966 has been widely acknowledged as a novel development and has been successfully implemented in Indonesia and several other countries. However, for several years now the implementation of the PSC in Indonesia has been plagued by various problems, resulting in low levels of investment. The outlook for the petroleum sector is becoming increasingly uncertain given dwindling oil reserves ...