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Pressures on cost reductions and tougher environmental regulations are driving an upsurge in the application of risk management approaches to optimize the utilization of plant assets. Risk based inspection (RBI) assessments are key risk management approaches to assist in minimizing the risk of loss and in maintaining plant availability at reduced maintenance costs. PT Medco E&P Indonesia plan to apply Risk Based Inspections in all Oil and Gas Production stations that are operated by the Company. The Rambutan Station is one of the Oil and Gas Facilities that is operated by the Company and has been in operation for more than 20 years. The Rambutan Station consists of several production systems including the Oil and Gas Separation System, Gas Compressor System, Dehydration Unit, Metering system and Utilities. A Risk Based Inspection (RBI) study of the Rambutan Station was first implemented in 2013 and has continued until now. Its overall objective is to analyze risks and to develop inspection plans for equipment in the Rambutan station. The study requires several data including previous and latest inspection records, PFD (mass balance), P&ID, isometric drawings and piping class data. A Microsoft Excel spreadsheet was developed based on API RP 581 Risk based Inspection technology and was utilized as the tool to perform the RBI Study. The RBI assessment in 2013 found that 7 units of equipment were classified as critical risk and subsequently, with the implementation of the RBI recommendations, these critical risks were successfully eliminated in the 2015 assessment. However, the unsatisfactory risks identified in the 2013 assessment could not be eliminated because of operation constraint since high pressure operation could not be avoided. The Inspection method recommended by RBI is a method that is specified to manage potential damage mechanisms occurring in individual items of equipment (API RP 580 Risk Based Inspection, 2002 Edition). For example, all of the equipment should be inspected through visual checks and for UT thickness, while equipment with a susceptibility of localized corrosion should be inspected by UT scanning on the susceptibility area. This customized inspection method is effective to improve equipment integrity. In addition, inspection intervals for equipment are based on its risk rank, therefore it results in a longer inspection period compared to a time based inspection. In summary, RBI assessments can be used to manage risks, improve equipment integrity and reduce inspection maintenance costs.