Oil majors praise Indonesia's new investment tack

Jakarta

EFFORTS by Indonesia's new administration to attract investment to the country's troubled energy sector are being viewed favourably by energy giants Exxon Mobil and Chevron.

Graft and regulatory, legal and contractual uncertainties have undermined energy investment in South-east Asia's biggest economy. Ageing oil wells and a lack of exploration have led to declining output and the former Opec member is now a major fuel importer with soaring energy demands.

President Joko Widodo has ordered his Cabinet to simplify bureaucracy and de-bottleneck problem areas, Widhyawan Prawiraatmadja, a special assistant to the new energy minister, said earlier this week. "We are facing a daunting task to bring back confidence, bring back credibility and bring back people who want to do business in Indonesia," Mr Widhyaw…