Indonesia will honour oil and gas contracts-president

JAKARTA Wed Nov 14, 2012 6:44am EST

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JAKARTA Nov 14 (Reuters) - Indonesia will honour oil and gas contracts after the constitutional court ruled that regulator BPMigas should be dismantled, President Susilo Bambang Yudhoyono said on Wednesday.

Yudhoyono said he had signed a decree authorising the Energy and Mineral Resources Ministry on Tuesday to take over the functions of BPMigas.

"All the (oil and gas) agreements remain in effect, all the operational work that is being carried out as a form of cooperation between BPMigas and business continues to run as it should," Yudhoyono said in a speech.

"It should not need to create anxiety, confusion or uncertainty," he said.

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