Looking forward to the monthly numbers. Although the BAS operation is small competitively, I saw this on Indo taking back oil/gas assets for national control and it made me a bit uncomfortable ... any thoughts?
Indonesia’s Oil Sector In Jeopardy As Elections Loom
By Haley Zaremba - Aug 15, 2018, 3:00 PM CDT
The future is looking grim for foreign resource companies with investments in Indonesia. In the current election cycle, it has become increasingly politically popular to push for repatriation of the country’s vast wealth of natural resources.
The California-based Chevron Corporation is just the latest in a rapidly expanding list of companies to lose lucrative contracts to an Indonesian state-run company. State-owned Pertamina will be taking over operations of the Rokan oil block on the island of Sumatra, the nation’s second largest crude producing oil field, as soon as Chevron’s contract expires in 2021. Under the current agreement Pertamina will retain control until 2041. Chevron had pursued a 20-year extension of their Rokan project, which they have been running uninterrupted since 1971, when they were outbid by Pertamina.
BAS Price at posting:
0.4¢ Sentiment: Hold Disclosure: Held
