New partnerships, new approaches in Indonesia's upstream sector
Over the last eight years, Indonesia has seen a major shift in the upstream corporate landscape. Oil majors and international oil companies (IOCs) that contributed to nearly two-thirds of domestic production, have reduced their contribution to one-third in 2018. Companies have simplified portfolios, retrenched to core areas and are focused on opportunities that deliver the biggest bang for buck. At the same time, PERTAMINA has almost doubled its domestic production since 2010. But the NOC is juggling multiple financial commitments and will need to prioritize. Bringing on partners with the financial wherewithal and technical expertise could help ease the NOC's burden. Given the wealth of opportunities in Indonesia, healthy corporate diversity is essential to pursue a sustainable resource renewal strategy. Alignment between the government, regulator and NOC as well as competitive fiscal terms can help bring in the right partner for the right project.
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New partnerships, new approaches in Indonesia upstream sector.pdf