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Govt Postpones Discussion on Oil Reserves

Translator

Editor

28 February 2018 12:20 WIB

TEMPO.CO, Jakarta - The National Energy Board (DEN) has completed the regulation draft on energy buffer stocks two years ago. The DEN has also submitted the draft to the government.

However, DEN member Sony Keraf said that the government decided to postpone the discussion of the regulation, citing it is not urgent.  

"We have completed the draft two years ago, but it is still being held by the government," Sony told Tempo on Tuesday, February 27.

Ina meeting between the House of Representatives and DEN, the government questioned the urgency of oil reserves, with regards to the limited state finances. Based on government calculations, they need a budget of Rp30 trillion to buffer oil reserves.

Read also: Additional Oil Reserves Require Rp30tn

The money will be allocated for a stock worth 30 days; the oil volume reached 48 million barrels.

Sony Keraf lamented on this decision, as today's oil prices are weaker than in 2013. He also predicts that the government will have a tough time deciding on oil reserves and stock, as the budget will be higher.

The Directorate General of Oil and Gas's secretary Susyanto confirmed that setting aside a budget for buffer stock is not urgent. He said the government still needs the funds for other purposes such as infrastructure development and social assistance programs. "It is important, but we must consider about it because the budget is huge while there is a possibility we don’t need it yet," he said.

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