INDONESIA STILL RICH IN OIL, GAS RESERVES

Jakarta, May 8 (ANTARA) - Indonesia is still rich in oil and gas reserves so that it remains an attractive place for investment in the oil and gas sector, a company executive said.

"The oil industry prospect in Indonesia is still very good because it sits on huge oil and gas reserves which have not yet been explored," President Director of PT Medco Energi International, Darmoyo Doyoatmojo said here on Friday.

Doyoatmojo made the remarks after announcing his company's second public offering of its bonds at Hotel Ritz Clton Pacific Place.

He said that oil and gas companies operating in Indonesia today had reaped big profits based on international scales.

Unluckily, not many investors have been attracted to Indonesian oil industries because investment regulations still continued to undergo changes from time to time, he said.

He said that basically, investors needed business certainties to plan and work out their business strategies and plans.

"Investors still are waiting for conducive investments in Indonesia. Probably in other countries changes of conditions also continued to take place, but investors needed certainties," he said.

He added that PT Medco Energi International also operated in various countries and every country had its own and different rules.

Doyoatmjo said his company made its investment in accordance with the investment rules in force in those countries concerned. ***