Oil-and-Gas Contractors and PT. Pertamina (Persero) Now Permitted to Complete Transfers of Participating Interest

In an attempt to maintain and ultimately increase production of oil and gas (“Oil and Gas”) within Indonesia, as well as to preserve investment continuity in relation to Oil and Gas working areas during the final periods of cooperation contracts (“Working Areas”), the Minister of Energy and Mineral Resources (“Minister”) has now introduced a new legal framework that addresses the management of Working Areas, specifically Regulation No. 23 of 2021 (“Regulation 23/2021”). Working areas were previously addressed under Regulation of the Minister No. 23 of 2018 and its amendment (“Regulation 23/2018”),[1] which have now been repealed and replaced by Regulation 23/2018.[2]