In yesterday’s forum about oil & gas industry prospect, Edy Hermantoro as the director of upstream business development from ministry of energy and natural resources highlighted several development plans on infrastructure in the 2010-2014 periods, as well as target policies & targets in 2025. That includes 2 new oil refineries, gas production facilities, LNG refineries and LNG receiving terminal, gas pipe networks. The government realized that current production predominantly comes from mature basins, thus they need to attract more explorations to commercialize new reserves to meet domestic demand, as there are still plenty of reserves available. Gas, CBM and geothermal are considered being the additional source of energy in near future and still offers plenty of opportunities for investors.
The government also seems to understand investors’ concerns and obstacles to lift more hydrocarbons to meet with government target. Thus they plan to cope with it to pull back investors’ appetite in the industry, since there is shift in sentiment as existing investors are now less optimistic. Several main challenges from investors’ point of view that they need to deal with are uncertainty over cost recovery and BP Migas / BPKP audit findings, interference from other government agencies (such as the tax authorities), and contract sanctity. Some features that also need to be worked out are regulatory framework, and contract and project approval process.
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