Indonesian oil and gas regulator held to be unconstitutional
On 13 November 2012, the Indonesian Constitutional Court held that the Upstream Oil and Gas Regulator in Indonesia, commonly known as BP MIGAS, was unconstitutional. The landmark decision sent shockwaves through the oil and gas industry in Indonesia as it effectively means that the regulator has now been abolished.
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On 23 October 2012, the United Arab Emirates enacted its Federal Competition Law (Federal Law No. (4) of 2012), which laid down new rules on anti-competitive agreements, merger control and abuse of dominance.
In retrospect, 2012 likely will be remembered as another year of manifold challenges in the Eurozone and of slow consolidation rather than one of fundamental reform or renaissance.