The third and final day concluded the discussions that happened over the three-day event. There was a great reminder of the changing dynamics both globally and in Indonesia, including the recognition that Indonesia's oil production is in decline and that real actions must be done to tackle this issue should Indonesia want to realize its oil and gas potential.
Clarity, consistency and certainty in government regulations are the keys to encourage the oil and gas industry to increase its investment in Indonesia, especially in exploration. The government has taken steps towards improving this, but further actions need to be taken to establish a conducive business climate for growth.
Second day of the 37th IPA Convention and Exhibition further emphasized the importance of enabling business climate as a prerequisite to developing the industry.
Indonesian Petroleum Association (IPA) will hold its 37th convention and exhibition to increase oil and gas investments, to meet the oil and gas demand in the country.
Upstream oil and gas regulator BPMIGAS says many oil and gas contractors are holding their investments following state-run oil company Pertamina's aggression in acquiring blocks nearing the expiration of their contracts.
WINNERS OF THE BEST BOOTH CONTEST
Jakarta, INDONESIA - May 25th 2012: At the closing ceremony today of the 36th Annual Convention & Exhibition of the Indonesian Petroleum Association (IPA), the oil and gas industry expressed its appreciation for statements by the Minister for Energy and Mineral Resources that the Government of Indonesia and the petroleum should respect each other´s interests.
Oil and gas companies are confident about the outlook for energy sector reforms in Indonesia, highlighting the need to tackle investment challenges through comprehensive dialogue. This will in turn spur exploration activities, as maturing fields show declining production levels.
Energy demand in Indonesia is likely to triple by 2030, driven by continued economic growth, according to industry experts. Speaking in Jakarta at the plenary session of the 36th Annual Convention and Exhibition of the Indonesian Petroleum Association (IPA), officials from both the public and private sectors said this trend highlighted the urgent need for new policies to ensure the security of the country's energy supply.
JAKARTA: Indonesian Petroleum Association (IPA) will continue to strive to continue dialogue with the government for the revision of Government Regulation No. 79/2010 on Cost Recovery.