Indonesia has revised its hugely unpopular gross-split production-sharing contract (PSC) after months of negative industry feedback.
The latest version, published on 29 August, has received more positive reviews. However, the new PSC does not appear to override regulation 42/2017, introduced on 21 July, which tightened state control over the sector and triggered uproar from investors.
The most fundamental change is the removal of the 5% cap on the ability of the energy minister to adjust a PSC contractor’s share of production – but only if a project...
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