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
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
