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Oil & Gas Journal

Priyono promised he would ensure that each department had a standardized financial surveillance system to guarantee that cost-recovery funds were well-spent. He also said a new system would be introduced to tighten the cost recovery mechanism, by refunding exploration costs only in producing fields.

According to BPMigas' latest report, the government paid some $8.33 billion to oil and gas producers in 2007 for recovery costs, up 6.4% over the $7.8 billion paid in 2006.

Contact Eric Watkins at hippalus@yahoo.com.