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There are some major differences in how two presidential candidates envisioned the future of Indonesian economic performance.
The central government and the East Kalimantan administration have yet to reach an agreement on the PI portion.
The remaining 30% goes to Total E&P Indonesie and INPEX Corporation as a token of appreciation for having managed the block for almost 50 years.
To maintain oil production, Total E&P Indonesia will still manage the block during the transition period.
Kalimantan's local governments have appointed to companies touted to be Morgan Stanley's brokers to receive the Mahakam Block's PI.
Despite having said Pertamina will have 100% control over Mahakam's operation, the government is now mulling to extend Inpex's contract.
The state oil company is asked to reassess the business values of operating the block.
The president has given the Energy Ministry one month to provide the final recommendations.
East Kalimantan Governor says the provincial government is ready to participate in the block's management.
Minister says the government will give Total and Pertamina about a month to discus necessary matters.
SKK Migas says by 2017 the Mahakam Block will only have oil reserves amounting to 7.8 percent of the initial discovery volume.
The government gives Pertamina until the end of this month to submit a proposal to manage the oil block.
Pertamina says it is ready to manage the Mahakam Block, taking it over from Total E&P.
Company official says Total is committed to maintain production of Mahakam despite uncertainties over the fate of its contract extension.
Official says the shutdown will not disrupt the block's production target.
Minister of Energy's advisor for spatial planning and environment M Lobo Balia dismissed projections that Mahakam block will generate Rp 81 trillion.