Who has the balls?, page-9

all PSC extensions in Indonesia are now on a gross split basis. that means that the contractor gets a fixed percentage of the revenue and then must pay all capex and opex. the previous system was a cost pool basis where the contractor would get their money back from expenditure on capex and opex before the government would get its full share. with gross split, the government takes a share straight off the top (regardless of capex spend and profitability). like I said, it's the most important number but I haven't seen it publicized.