IPA Convex 2024 Expected To Increase Indonesia's Oil And Gas Investment

Deputy Chairman of the Indonesian Petroleum Association Convention & Exhibition (IPA Convex) 2024 Leony Lervyn. (Photo: Doc. ANTARA)

JAKARTA - Deputy Chairman of the Indonesian Petroleum Association Convention & Exhibition (IPA Convex) 2024 Leony Lervyn said that the implementation of the 2024 IPA Convex is expected to attract more interest from global oil and gas investors to Indonesia.

In addition, it also supports the government's target to meet energy needs in the current energy transition era.

Leony, in his statement in Jakarta, Friday, mentioned that the theme raised at the IPA Convex 2024 was " Gaining Momentum to Advance Sustainable Energy Security in Indonesia and the Region".

The theme was chosen to describe the position of the upstream oil and gas industry in Indonesia which has a significant role in ensuring the availability of energy security in the energy transition era as it is today and at the same time Indonesia's potential for other countries in the regional region.

IPA Convex 2024 will be held on May 14-16 at the BSD City Indonesia Convention Exhibition (ICE), Tangerang Regency, Banten.

"The oil and gas industry is still needed and will continue to be needed in the future so that oil and gas investment becomes significant to continue to be increased. Through this event, we want to show the world that Indonesia still has oil and gas potential and even has the opportunity to become a leader at the regional level," he said.

He conveyed that the IPA Convex 2024 will be opened by the Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif on May 14, 2024. In addition, other events will also be held such as CEO of Forum, plenary sessions, technology session, technical program (TPC), exhibition, Youth program, and the energy night.

According to Leony, in addition to discussing strategic issues in the oil and gas industry, the IPA Convex 2024 is also trying to provide education and awareness to the younger generation through the Youth Program.

This activity, he continued, is expected by the younger generation to better understand the strategic role of the oil and gas industry.

"We have several programs involving the younger generation such as IPA Goes to Campus during the pre-event and study meeting CEO at the IPA Convex 2024 event," said Leony.

Meanwhile, IPA Executive Director Marjolijn Wajong said that the oil and gas industry is still needed in the coming years.

The reason, he said, in every economic growth, energy is one of the determining factors. For this reason, in meeting energy needs and maintaining energy security, oil and gas investment is still very much needed.

He said the IPA Convex 2024 would later invite stakeholders in the oil and gas sector in Indonesia as well as practitioners who actually navigate their companies amid the challenges and potential of the country's oil and gas sector.

"This convention will accommodate cross-issue discussions as input for the government to maximize the oil and gas sector in supporting Indonesia's economic growth. Hopefully, Indonesia can maneuver amid the issue of energy transition through creating an attractive investment climate," he said.

The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) noted that until the end of 2023, the realization of upstream oil and gas investment reached 13.7 billion US dollars or around Rp. 210 trillion.

Compared to investment realization in 2022, investment realization in 2023 increased by 13 percent and exceeded the global upstream oil and gas investment growth which is estimated to be in the range of 6.5 percent. The realization of upstream oil and gas investment in 2023 also makes it the largest investment since 2016 or in the last eight years.

The realization of upstream oil and gas investment in 2023 was first able to exceed the investment target set in the long term program (LTP). Meanwhile, in 2024, SKK Migas set a higher investment target of around 17.7 billion US dollars or above the LTP target of 16 billion US dollars.