BALI - The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) believes that the oil and gas industry has not yet entered the sunset or sunset phase.
This condition is considered to be one of the opportunities that can be obtained during the energy transition period.
This was conveyed by the Head of SKK Migas Dwi Soetjipto. This belief departs from seeing the positive impact of derivatives or multiplier effects in the absorption of investment in the upstream oil and gas sector.
"The amount of the multiplier effect of the implementation of this vision is not only from the projection of State Revenue but also from investment and money circulating which can have a major impact on efforts to grow the national and regional economies," he said at the opening of the 3rd International Convention Indonesia Upstream Oil and Gas (IOG) 2022, Nusa Dua, Bali, Wednesday, November 23.
"Therefore, which was previously considered a sunset industry, now the oil and gas industry has turned into a sunrise industry," he continued.
Dwi said the Indonesian government had shown its commitment to cooperate with contractors.
The vision was then translated into five main strategies, namely optimizing existing field production; and transforming contingent resources into production.
Third, accelerate chemical Enhanced Oil Recovery (EOR). Fourth, encourage oil and gas exploration activities. Finally, accelerate regulatory increase through One Door Service Policy (ODSP) and upstream oil and gas incentives.
On this occasion, Dwi also emphasized that the oil and gas industry in Indonesia still has a lot to take advantage of.
Even so, new and renewable energy is predicted to be the focus in the future.
Dwi said, this also sees the prediction that Indonesia will occupy the 4th position with the largest economy in the world in 2030. So Indonesia needs more energy.
"However, we still need to maximize the value of oil resources and in particular our gas to ensure the safety and affordability of energy in this region while fulfilling our net zero emissions ambitions. Therefore, the Hulu Migas Industry seeks to achieve the vision of oil production of 1 million BOPD and gas production 12 BSCFD by 2030," he explained.
According to Dwi, significant investment and active participation from domestic and international actors are needed to open up oil and gas potential in Indonesia.
"Recognizing this, the Indonesian government has shown its commitment to cooperate with contractors," he said.
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