Indonesian crude output has fallen to around 700,000bl/d
Indonesia’s upstream shifts as IOCs exit
State-owned Pertamina may see further expansion of its role if more international firms exit without finding alternative buyers
“We believe ConocoPhillips has a significant advantage over our [US] independent peers because we also have diverse global businesses that generate significant free cash flow.” So said Nick Olds, the firm’s senior vice-president, strategy and technology when the US superindie reported its first quarter results in early May. But, while admitting it was only a “brief update” of the firm’s non-Lower 48 operations, Olds focused solely on Alaska, Canada, Norway, Qatar, Australia and Malaysia. And that has done nothing to dampen speculation that ConocoPhillips might be the next IOC to depart Indonesia, potentially selling its equity position in south Sumatra’s onshore Corridor block—which accounts
Also in this section
22 July 2025
The gas-hungry sector is set for rapid growth, and oil majors and some of the world’s largest LNG firms are investing in ammonia production and export facilities, though much depends on regulatory support
22 July 2025
Next year’s WPC Energy Congress taking place in April in Riyadh, Saudi Arabia will continue to promote the role of women in the energy sector, with a number of events focusing on the issue.
22 July 2025
Pedro Miras is the serving President of WPC Energy for the current cycle which will culminate with the 25th WPC Energy Congress in Riyadh, Saudi Arabia in April 2026. He has over 30 years of experience in the energy sector, including stints with Repsol and the IEA. Here he talks to Petroleum Economist about the challenges and opportunities the global energy sector currently faces.
17 July 2025
US downstream sector in key state feels the pain of high costs, an environmental squeeze and the effects of broader market trends
