The Upstream Oil and Gas Special Task Force (SKK Migas) have stated that new investment is needed to increase Indonesia’s oil and gas production. Since last year, SKK Migas has rolled out a road show presenting the country’s oil and gas potential to several international oil companies. They claim that Indonesia is still one of the attractive oil and gas investment destination countries for global investors.
It is challenging for Indonesia to meet its oil and gas lifting target, and even more challenging to boost it up. In 2019, based on data from The Upstream Oil and Gas Special Task Force (SKK Migas), Indonesia’s oil and gas lifting is below its targets which are 746,000 barrel oil per day (BOPD) and 5,934 million standard cubic feet per day of gas (MMSCFD), while the targets are 775,000 BOPD and 7,000 MMSCFD, respectively.
As its oil production continues to plummet, gas has become an opportunity for Indonesia to meet its energy demand. Therefore, gas is no longer being treated as a source of revenue for Indonesia, but as a key driver of its economy and industrial growth.
The Indonesian Petroleum Association (IPA) held its 48th Annual General Meeting (AGM) in Jakarta on Wednesday December 4, 2019. The AGM discussed IPA’s 2019 activities as well as 2020 strategic priorities.
As one of the requirements as the country who apply the Extractive Industries Transparency Initiative (EITI), Indonesia annually prepares a Report on Transparency in governance of extractive industries that contains the latest efforts of improvement and development the governance in Indonesia extractive industries. The purpose of the report publication is to provide a complete explanation of the implementation of extractive industry in Indonesia as well as to enhance the understanding and perception of EITI stakeholders in Indonesia.
Indonesia's oil and gas’ potential remains highly promising and will continue to be one of the main pillars to support the growth of the Indonesian economy. On the other hand, the oil price continues to be volatile and oil and gas company investment allocation will continue to be quite competitive.
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[JAKARTA] The 2nd IPA Ethics & Compliance Committee Annual Gathering was conducted at the offices of BP Indonesia on Wednesday 19 September 2018. The theme of the event was “Government Relations and Commercial Dealings in the Oil and Gas Industry: The Perspective of Corporate Crime and Liability” and this important gathering was attended by 75 participants. The main speaker was Mr. Laode.M. Syarief as Commissioner of KPK and other speakers were Mr. Dadang Trisasongko as General Secretary of Transparency International Indonesia (TII), and Mr. Tenny Wibowo, member of the IPA Board of Directors.