2023 IPA Annual Report

INDONESIAN PETROLEUM ASSOCIATION
President’s Report for 2023
1. INTRODUCTION
In this dynamic landscape, where the energy industry is currently undergoing a profound shift towards
sustainability, the upstream sector takes center stage. With its growing importance, the Indonesian
Petroleum Association (IPA) continues to stand resolutely and act as a linchpin in shaping the
trajectory of Indonesia’s oil and gas sector in close collaboration with the Government of Indonesia.
Through consistent discussions and engagements, we have jointly taken on the responsibility of
forging comprehensive strategies required to ensure a robust, resilient, and sustainable energy
framework for the future. The energy trilemma persists as a multifaceted challenge for the industry in
this energy transition era, and IPA stands committed to playing a pivotal role. Recognizing the intricate
nature of the energy trilemma in balancing energy security, sustainability, and affordability, IPA strives
to contribute meaningfully through thought leadership, providing sound advice, and fostering
collaborative initiatives within the sector.
IPA actively serves as a prominent advocate serving as the voice of the upstream oil and gas industry
in Indonesia with an inclusive approach and collective efforts, actively addresses industry challenges,
crafts a cohesive perspective, encourages open dialogues, and fosters collaboration among
stakeholders, including governmental institutions, industry leaders, and other key players. IPA is also
acutely aware of the pressing need to meet Indonesia’s 2030 production targets of 1 million barrels
of oil per day and 12 billion standard cubic feet of gas as outlined in the Indonesia Oil and Gas
(IOG) 4.0 strategic plans, all while ensuring the sustainability of our operations. Considering the
magnitude of this goal, we have engaged in numerous discussions aimed at improving the investment
climate as it is ultimately crucial for realizing such aspirations to ensure energy security for the nation.
The fiscal improvement initiatives, policies, and legal certainties are particularly instrumental in
unlocking the untapped potential resources in Indonesia. IPA acts as a catalyst for attracting both
domestic and international investments by creating an environment conducive to business growth.
In 2023, I have witnessed the incredible dedication and commitment from all BODs and our
committees and the positive impact we have made. It has been yet another remarkable year for IPA.
IPA has also played a pivotal role in the ongoing process of revisions to the Oil and Gas Law and
engaging in discussions related to our five key focus areas. Within the context of accelerating
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development, IPA's proposals to the new Oil & Gas Law are strategic and forward-looking. Addressing
regulatory landscape, carbon emission management, and ease of doing business, we envision a
regulatory framework that not only attracts investments but also aligns with global energy transition
objectives.
Consensus among stakeholders has emphasized that oil and gas play an irreplaceable role in the
energy transition process, standing as crucial elements alongside New Renewable Energy.
Acknowledging this reality, there is a growing insistence on enhancing environmental sustainability in
upstream oil and gas operations, requiring a collective commitment from all business actors. The
challenge at hand lies in striking a delicate balance in meeting energy demands while concurrently
ensuring environmental sustainability through decarbonization efforts and the implementation of low
carbon emission operational activities. This duality calls for innovative solutions and collaborative
efforts to navigate the complexities of simultaneously fulfilling our energy needs and advancing
environmental stewardship through the adoption of Carbon Capture and Storage (CCS) and Carbon
Capture, Utilization, and Storage (CCUS). However, this task is proving to be more challenging both
technically and commercially, yet IPA continuously takes part in providing recommendations on the
importance of CCS/CCUS implementation for the upstream industry. From a slow start, Indonesia’s
CCS projects have grown, though many projects remain at risk and will require further regulatory
support. With the ultimate success of CCS projects dependent upon commercial attractiveness, much
work is still to be done. Across most of the region, favorable fiscal terms, tax credits, sufficient carbon
prices, and storage licensing are simply not yet in place, but progress is being made.
This year the Government of Indonesia, particularly through the Minister of Energy and Mineral
Resources, has already taken steps through Minister Regulation No. 2/2023 which focuses on the
implementation of CCS in upstream oil and gas activities. This breakthrough holds the key to shaping
Indonesia's strategic direction and governance structure for the CCS in the upstream industry. This
ambitious vision can yield new business opportunities, attract investments, and achieve long-term
sustainable growth. What Indonesia needs now is to develop a comprehensive set of CCS/CCUS laws
and regulations. This is essential to fully functioning its value chain and ecosystem that leverages
existing capabilities from the industry to connect supply with demand.
In line with the spirit of innovation and progress, a notable achievement has been the successful
completion of the production of a collaborative effort with Wood Mackenzie, with the launch of a
comprehensive White Paper of “Achieving Resilience in the Energy Transition to Safeguard
Indonesia’s Economic Growth and Sustainable Development” serving as a recommendation
paper to both the Government of Indonesia and the industry.
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Moving forward, the annual IPA Convex, a cornerstone of collaborative engagement, will persist in its
mission to serve as a robust platform for fostering insightful discussions, exchanging perspectives,
and facilitating invaluable networking opportunities. The event not only serves as a conduit for
knowledge exchange but also fosters a sense of collective responsibility. As the industry grapples with
the challenges posed by the evolving energy landscape, IPA will continue to become a nexus for
aligning diverse interests and forging strategies that contribute to the overall sustainability of
Indonesia’s oil and gas industry, steering the nation towards a future where energy security,
environmental sustainability, and economic viability harmoniously converge. Realizing the pivotal role
of the upstream industry in this shift, IPA reaffirms its commitment to standing at the forefront, guiding
Indonesia through the intricacies of the sector, navigating challenges, and capitalizing on
opportunities.
IPA expresses a keen aspiration to establish collaborative endeavors with the upcoming government
and the new House Representatives of the Republic of Indonesia (DPR-RI) following the presidential
and legislative elections scheduled in 2024. IPA envisions a proactive engagement with the new
government to collectively address and ensure a shared understanding of the sector's intricacies,
fostering a conducive regulatory environment, and promoting sustainable practices. IPA is eager to
contribute its industry expertise and insights to inform policy decisions that support the growth and
stability of the oil and gas sector in Indonesia.
IPA recognizes that this journey is a shared responsibility together, by fostering collaboration with the
key stakeholders, we will enable oil and gas investment while fostering the energy transition to fully
unlock the potential of Indonesia's energy landscape. As we stand at the precipice of legislative
transformation, this report illuminates IPA's dedication to navigating challenges, catalyzing industry
growth, and contributing to Indonesia's energy resilience in the decades to come.
2. KEY INDUSTRY ISSUES
2.1 Amendment to the Oil & Gas Law
The main driver for the amendment of the Oil & Gas Law no. 22/2001 was the Constitutional
Court ruling of 2012 on the relationship between BP Migas (state) with Business Entities or
Permanent Establishments, with major implications for the regulation of production sharing
contracts.
The amendment to the Oil & Gas Law will impact the entire value chain of upstream oil &
gas, but the draft was only started to be discussed in Parliament a few years ago, and since
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then IPA has actively provided inputs to ensure the interest of the industry in general and the
IPA members in particular are considered in the bill. The main issues concern the continuing
aspects of legal certainty and fiscal improvements, and new aspects related to low carbon
energy such as CO2 emission management.
Recommendations are specific on:

a. Legal and business certainty: honoring contracts and treaties.
b. Fiscal stability and Certainty: reinstatement of assume and discharge.
c. Upstream business implementation: working area bid rounds processes, and
processes for expiring/ extending PSC.
d. CO2 Emission Management: GHG reduction activities to be part of upstream.
e. Participating Interest 10%: Central Government to give part of its share to Regional
Government
f. Ring fencing: allow cost consolidation for companies with multiple PSC.
g. Hydrocarbon sale price: crude oil based on market price, gas price as agreed
between buyer and seller.
h. Crude oil and Natural Gas allocation: uphold Contractor’s rights to export its share of
crude oil/ gas.
i. Criminalization of civil matters: disputes settled through mechanisms in PSC
j. Permitting: SKKMIGAS (or its replacement) to be at the frontline in managing permit
requirements
k. Transitional clauses: related to the transition in the establishment of the entity to
replace SKK Migas
Advocacy for revising the law has seen encouraging developments in 2023. In the first
quarter of 2023, IPA held consultative and advocacy meetings with key stakeholders
Parliamentary Commission VII (“DPR Komisi VII”), SKKMIGAS, the Ministry of Energy and
Mineral Resources (“ESDM”) and its Oil & Gas Directorate General (“MIGAS”) as well as the
Bimasena Energy Team.
Having laid the groundwork, in April IPA officially wrote a letter to the Chair of Commission
VII providing a paragraph-by-paragraph input to the 67 Articles in the Draft Oil & Gas Law. A
critical meeting was held in September in Bali in which IPA directly advocated with the Chair
and Vice Chair of Komisi VII, and high levels of ESDM, SKK MIGAS. These productive
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meetings with both executive and legislative branches have led to the acceptance of a
significant portion of IPA’s recommendations.
The draft bill is currently in Parliament and waiting for the Speaker’s approval, after which it
will be sent to Government for consultation and following that, ratification of the bill into law.
The process will see delays due to the upcoming election and competing priorities with the
Renewable Energy bill.
2.2 REVISION TO REGULATION NO.8/2017 ON GROSS SPLIT PSC
Since its introduction in 2017, the Gross Split PSC has not generated much interest from
industry players. The current revision aims to simplify and make it more competitive to Cost
Recovery PSC. IPA has provided input on 7 main items that would be conducive to attract
investors. They are:
a. A biddable Base Split;
b. The availability of Infrastructure as a variable component;
c. The implementation of CCS/CCUS as a variable component;
d. The independent procurement of goods and services, including manpower;
e. The flexibility to switch to a new Gross Split regime;
f. The flexibility over asset lease; and
g. The reinstatement of assume and discharge principle.
The latest draft seen in September has already addressed issues #2, 4, and 5, and partial
inclusion of issue #3. Issues #6 and 7 have been tabled and issue #1 was not accepted.
2.3 REGULATION OF CCS-CCUS
The enactment of ESDM Ministerial Regulation No. 2/2023 in March 2023 was a welcome
development for the industry. It regulates the “Management, Capture and Storage of Carbon,
and the Capture, Utilization and Storage of Carbon in the Upstream Oil and Gas Business
Activities”.
IPA has been involved in the draft since inception in 2021 and we now have the basis for
planning, executing, monitoring, reporting, and verification of CCS-CCUS activities, and
recognition of CCS/CCUS as part of Petroleum Operations.
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IPA’s advocacy has followed into the drafting of the Presidential Regulation on CCS/CCUS.
The recommended establishment of the fundamental building blocks of Indonesia’s CCS
sector will need to be addressed in the draft Presidential Regulation. They are:
a. CCS Regulations, already addressed in the ESDM Ministerial Regulation No 2/2023;

b. CO2 Cross Border Agreements;
c. National Carbon Credit Trading Framework.
d. CCS Incentives; and
e. Carbon Price.
The process may see delays due to the upcoming general election.
2.4 IPA-WOOD MACKENZIE WHITE PAPER
The 60-page paper on “Achieving Resilience in the Energy Transition to Safeguard

Indonesia’s Economic Growth & sustainable Development” was officially launched at the IPA
2023 Convex in July. Co-authored by IPA and the consultant Wood Mackenzie, it clarifies
our views on:
a. The increasing significance of environmental sustainability as well as the challenges
and trade-offs involved in balancing it with energy security and affordability.
b. Key levers to harness Indonesia’s unique resources and capabilities to optimize the
balance; and
c. A framework with actionable goals to develop and implement these levers, with the
goal of fostering a resilient and sustainable energy system.
The White Paper has been received positively by our key government stakeholders, and it
will serve as a basic document to help align currently different views among stakeholders on
the management of energy transition and the continued growth of oil and gas domestic
production.
2.5 IPA 2023 CONVEX
The first fully offline convention and exhibition since the hiatus due to pandemic has received
great participation and enthusiasm. The launch of IPA’s white paper on energy transition was
echoed in the theme “Enabling Oil & Gas Investment and Energy Transition for Energy
Security”. The event was held on 25-27 July 2023 at the Indonesia Convention Exhibition
(ICE) BSD City, Tangerang.
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The Minister of Energy and Mineral Resources (“ESDM”), Arifin Tasrif, officially opened the
IPA Convex 2023. In his remarks, the Minister said that the upstream oil and gas industry is
facing increasing pressure to clarify the implications of energy transitions for their operations
and business models, and to explain the contributions that they can make to reducing
greenhouse gas emissions.
The IPA Convex 2023 experienced significant changes regarding the event location. At the
time of its launch at the end of year 2022, IPA Convex 2023 was scheduled to take place on
May 24-26, 2023, at the Jakarta Convention Centre (“JCC”). However, the JCC in that time
frame became unavailable due to renovations being carried out in preparation for Indonesia
hosting the 2023 ASEAN Summit; we were asked to reschedule or move to a new location.
But in a very short time, the IPA Convex Committee along with the event organizer found a
replacement location at ICE BSD City, Tangerang.
The IPA Convex 2023 was attended by almost 2276 convention delegates and 1274 student
delegates, and more than 21,000 exhibition visitors from 22 countries. The Exhibition booths
were from 132 industry companies, professional associations, and educational entities. The
company booths highlighted the growth in oil & gas production in an age of energy transition:
exploration successes and major developments were shown side by side with initiatives and
plans in clean energy. Booths demonstrating solar panels and electric vehicles were popular
with the public, while many students still gathered around displays of major oil and gas
developments.
The IPA Convex has used social media to reach all levels of the public, for example by
holding a live photo competition. More details on IPA Convex 2023 can be found in the
Convention Committee’s report below.
3. IPA ACTIVITIES
3.1 IPA Board Meetings
– From December 2022 to November 2023, the IPA held 12 monthly Board Meetings.
The average attendance of Board Members at the monthly meetings throughout the
year was approximately 73%. Three (3) Board Members did not reach the minimum
attendance requirement (50%).
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– Besides the regular Board Meetings, there were some other significant meetings during
the year 2023.
3.2 The IPA Planning and Strategy Meeting
The IPA Supervisory Board and Board of Directors had agreed to formulate the IPA Priorities
2023 by asking all committees to provide their programs for 2023. After receiving all the
proposed programs from the committee, the board then summarized them as stated below.
- Strategic Theme:
o Support the Energy Transition with focus of ensuring the energy security and
lowering the carbon emission in Indonesia.
- Strategic Directives:
o Advocate the Government of Indonesia’s strategies to create an attractive
investment climate as an effort to achieve the 2030 production targets of 1 million
barrels of oil per day and 12 billion cubic feet of gas per day, and at the same time
pursuing the aspirations for growth and partnerships as an effort to maintain
Indonesia’s energy security.
o Collaborate with the Government of Indonesia to improve the performance of the
upstream industry amid the energy transition by prioritizing energy security,
accessibility, and affordability, to ensure a green and sustainable future, and
managing the climate change issues more effectively. Convey the message to the
Government of Indonesia to support and manage the commercial development of
CO2 emission reduction in line with the Net Zero Emission target and for meeting
Indonesia’s future energy demand.
o Conduct a series of stakeholder engagement sessions for the whole year which
serve as a platform to communicate and synergize with our key stakeholders.
- Strategic Action Plans:
o Improving fiscal legal framework: Reform of Oil & Gas Law, alignment of Law on
Harmonization of the Tax Regulation and Oil & Gas reform, GR27/53 Revision,
Gross Split Contract Revision, Profit Split policy, Assume and Discharge policy, Tax
Holiday, Tax Country Consolidation.
o Simplification on processes and focus to value adding process.
o Understand the Government of Indonesia gas balance of 12 BCFD gas and provide
input for the proper domestic gas price policy to attract investment for Gas
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o Better framework for CCS-CCUS to include Indonesia requirement for low carbon
environment in Oil and Gas, as well as non-Oil and Gas industries.
o Involve in the evaluation of Carbon Tax policy, Carbon Pricing policy, determination
of the emission cap.
3.3 The 47th IPA Convention and Exhibition: 25-27 July 2023
The 47th IPA Convention & Exhibition 2023 was conducted full in person at the Indonesia
Convention Exhibition (ICE), BSD City, Tangerang, on 25-27 July 2023. The theme of the
IPA Convex 2023 was “Enabling Oil & Gas Investment and Energy Transition for Energy
Security”.
The event was attended by many government officials, industry players, potential investors,
relevant stakeholders, and the media. Attendees reached 21.422 visitors and 2,276
convention delegates from 22 countries, as well as 254 journalists from 153 media outlets.
Visitors crowded around 132 company exhibition booths. The event summaries for IPA
Convex 2023 are as follows:
Pre-Events
 25 June 2023: “Fun Walk and Run of IPA Convex 2023”
 20 July 2023: Press Conference “Road to IPA Convex 2023”
 11 April 2023: 1st FGD of IPA White Paper 2023
 11 May 2023: 2nd FGD of IPA White Paper 2023
Main Events (25-27 Jul 2023)

 The Opening Ceremony was inaugurated by the Energy and Mineral Resources
Minister.
 CEO INDUSTRY OUTLOOK, titled “Navigating Energy Trilemma (Energy
Security, Sustainability, and Affordability) in Oil & Gas Business,” was held on
the first day. Speakers were President Director & CEO PT Pertamina (Persero),
Nicke Widyawati, Chairman of Gentari Sdn. Bhd., and President, CEO &
Director at Petroliam Nasional Bhd, Tan Sri Tengku Muhammad Taufik Tengku
Kamadjaja Aziz, and CEO Mudabala Energy, Mansoor Mohamed Al Hamed.
 3 Plenary Sessions, 3 Focus Discussions, 2 Special Topic and Association

Presentation were held with the respective speakers and moderators as follows:
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 INDUSTRY INSIGHT, titled "Maximize Oil and Gas Role for Economic Growth
in the Energy Transition Era," was held on the first day and was attended by
the IPA Board, the President of ExxonMobil Indonesia, Carole J. Gall, the
Executive Director of the ASEAN Center for Energy, Nuki Agya Utama, the
Director-General of Oil and Gas, Tutuka Ariadji, and the Chairman of SKK
Migas, Dwi Soetjipto.
 INDUSTRY CHALLENGE, titled "Attracting Capital for Indonesia O&G

Investment to Secure Energy Transition," was held on the second day of the
morning and was attended by the Director of Upstream and Carbon
Management Research at APAC Wood Mackenzie, Andrew Harwood; the
Board Member of IPA and Director of Repsol Indonesia, Greg Holman; the
Member of the National Energy Council (“DEN”), Satya Widya Yudha; the
Deputy Chairman of SKK Migas for Finance and Commercial, Kurnia Chairi;
and the Senior Vice President of Petronas Malaysia Petroleum Management,
M. Firouz Asnan.
 FOCUS DISCUSSION 1, titled "Balancing Interests of Upstream and

Downstream in Determining Indonesian Domestic Gas Price Policy," was held
on the second day following the Industry Challenge and was attended by the
President and Director of Pertamina Gas Negara, Arief S. Handoko; the
Chairman of the Indonesian Gas Society, Aris Mulya Azof; the Deputy of
Finance and Commercialization of SKK Migas, Kurnia Chairi; and
Representative of the Directorate of Upstream Chemical Industry-Indonesian
Ministry of Industry, Triani.
 EMERGING INDUSTRY CHALLENGE, titled "The Roles of CCS/CCUS in

Energy Transition for Indonesia Reaching NDC," was held on the second day
afternoon. Participants included Director General of Oil & Gas, Tutuka Ariadji;
Deputy Chairman of SKK Migas, Nanang Abdul Manaf; Executive Director of
the Indonesia CCS Center, Belladona Maulianda; and IPA Board Member and
BP President of the Asia Pacific Region, Kathy Wu. As the moderator, the
committee had assigned the Head of Upstream Consulting APAC, Wood
Mackenzie, Joshua Ngu.
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 FOCUS DISCUSSION 2, titled "Development of the CCS Hub for Promoting
Sustainable Economic Growth,” was held on the second day following the
Emerging Industry Challenge session. Participants included Director of Asia
Pacific Policy at ExxonMobil, Kenneth Freeman; General Manager of CCUS
Solutions Asia Pacific and the Middle East at Chevron, Chris Stavinoha;
Executive Vice President of HSE, Net Zero, and CCS at Harbour Energy, Steve
Cox; and Indonesia Center of Excellence for CCS/CCUS, Doddy Abdassah.
 SPECIAL TOPICS, titled "Capture High Potential Untapped Resources and

Build a Competitive Oil and Gas Portfolio," was held on the third day morning.
It was attended by the Deputy for Exploration, Development, and Management
of Working Areas of SKK Migas, Benny Lubiantara; the CEO of Petronas
Indonesia, Yuzaini bin Md Yusof; the Indonesia Center of Excellence for
CCS/CCUS, Doddy Abdassah; Founder and Advisor of the Reforminer Institute,
Pri Agung Rakhmanto; and moderated by Triharyo Indrawan Soesilo, the
Advisor to the ESDM Minister.
 FOCUS DISCUSSION 3, titled "Recent Update and Industry Expectation on the

New Oil and Gas Law," was held on the third day in parallel with the Special
Topic session. This session was attended by the Deputy Chairman of
Commission VII, DPR RI, Maman Abdurrahman. Ali Nasir, who led the IPA
Regulatory Affair Committee, was presented with the topic of oil and gas
industry expectations towards the proposed Oil and Gas Law revision.
 THE ASSOCIATION PRESENTATION, titled "Oil and Gas Industry as the

Catalyst for Energy Just Transition in Indonesia," was held on the third day and
was attended by the Chairman of Ikatan Ahli Geologi Indonesia (IAGI), M.
Burhannudinnur; the President of Himpunan Ahli Geofisika Indonesia (HAGI),
Randy Condronegoro; the Secretary General of Ikatan Ahli Teknik Perminyakan
Indonesia (IATMI), Inge Sondaryani; and the President of Ikatan Ahli Fasilitas
Produksi Minyak dan Gas Bumi Indonesia (IAFMI), Taufik Aditiyawarman.
Session was moderated by Arif Gunawan (Country Manager Indonesia of TGS).
 The Technical Presentation Committee presented 98 posters, oral presentations and

core exhibits with various topics, such as business, digitalization, energy transition,
facilities, geosciences, production, projects, reservoirs, well engineering, and others.
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 The Exhibition was participated by 132 exhibitors.
3.4 Election of the 2024 IPA BOARD MEMBERS: October – November 2023
The election of the 2024 Board of Directors and Supervisory Board was launched on 06 th
October 2023. The voting for the election was closed on 30th October 2023. Out of 31
Company Members eligible to vote, 28 Company Members (90%) participated in this
election.
In accordance with the IPA Constitution Article VIII, the IPA President appointed three
(3) Company Member Representatives, who were not members of the Board of Directors, to
serve with the IPA Board as an Election Committee for the purpose of certifying the election
results. The persons appointed as the Election Committee were as follows:
1. Carole J. Gall ExxonMobil Cepu Ltd. Board of Director (Secretary)
2. Yusuf H. Rachmantio Star Energy (Kakap) Ltd. Company Member
3. Egbert M. Siagian Conrad Asia Energy Ltd. Company Member
4. Kang An Husky-CNOOC Madura Ltd. Company Member
The Elected Board members met to elect the President and Officers of the association for
the year 2024 on Thursday, 23rd November 2023. The result of the elected 2024 IPA
Supervisory Board, President, Officers, and Board of Directors are as follows:
NO NAME COMPANY
Supervisory Board
TRIHARYO INDRAWAN SOESILO Special Advisor to EMR Minister
Board of Directors
1 PRESIDENT YUZAINI BIN MD YUSOF PC KETAPANG II LTD.
2 VICE PRESIDENT GREGORY E. HOLMAN REPSOL SAKAKEMANG B.V.
3 VICE PRESIDENT KATHY WU BP BERAU LTD.
4 SECRETARY STEVEN COX HARBOUR ENERGY INDONESIA
5 TREASURER KEVIN S. MOORE HUSKY ENERGY INTERNATIONAL CORP.
6 DIRECTOR SYAILENDRA S. BAKRIE ENERGI MEGA PERSADA TBK., PT
7 DIRECTOR ROBERTO DANIELE ENI MUARA BAKAU B.V.
8 DIRECTOR CAROLE J. GALL EXXONMOBIL CEPU LTD.
9 DIRECTOR RONALD GUNAWAN MEDCO E&P INDONESIA, PT.
10 DIRECTOR ABDULLA BU ALI MUBADALA ENERGY
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11 DIRECTOR QIAN MINGYANG PETROCHINA INT’L JABUNG LTD.
12 DIRECTOR AWANG LAZUARDI PERTAMINA HULU ENERGI, PT.
13 DIRECTOR MEDY KURNIAWAN SAKA ENERGI INDONESIA, PT.
3.5 SKK MIGAS conducted “The 4th International Convention on Indonesian

Upstream Oil and Gas – 2023” on 20-22 September 2023
– This big event was designed to attract more investors in the oil and gas industry.
The theme of this event was “Advancing Energy Security through Sustainable
Oil and Gas Exploration and Development”. The event was held in Bali Nusa
Dua Convention Centre (BNDCC).
– The IPA supported this event. Some of the IPA Board members participated as
speakers. In addition, the IPA Executive Director and Communication Officer
were also invited and joined the event in person.
– Some of the IPA Committee members were also active in the organizing
committee of this event.
3.6 Personnel Changes in the 2023 IPA BOARD MEMBERS
This year the IPA Board has undergone two member changes:
a. September: From 4th September the representative of PT. Saka Energi

Indonesia is now Medy Kurniawan replacing Avep Disasmita.
b. October: Effective 1st November, Wahyu Budiarto stepped down from the
IPA Board of Directors (following the transfer of ownership of
Chevron Makassar Ltd., Chevron Ganal Ltd., and Chevron
Rapak Ltd. to Eni Lasmo PLC (Eni) on 2nd October 2023.
3.7 OTHER ACTIVITIES
 Professional Division Committee
The Committee conducted three talks:
3 March 2023: “Exploring prospectivity across Indonesia with FTG Gravity”

o The IPA Talk was presented by Dr. Colm A. Murphy (Bell Geospace).
o Participated by 21 participants.
09 June 2023: “Aphron Microbubble System – An Alternative in Combating
Severe Loss Circulation”
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o This IPA Talk was presented by M. Solehuddin B.A. Razak (Petronas
Principal Fluids Engineer)
o Participated by 25 participants.
13 October 2023: “Environmentally Friendly Geopolymer Cement CO2

Resistance Cement, the Future of CCS & Carbon Footprint Reduction”.
o The IPA Talk presented by Avinash Kishore Kumar (Senior Manager
Petronas)
o Participated by 20 registered participants.
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SECTION 2
FINANCIAL REPORT
2023
by
Marjolijn Wajong
Executive Director
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Financial Executive Summary
For Year 2022 and Highlights 2023
For Year 2022
The IPA’s Revenues and Expenditures for the year ending December 31, 2022, shows a deficit
of IDR 1,3 billion. Revenue increased mainly because conventions and exhibitions were held
hybrid instead of full online in 2021.
The 2022 income is from the annual membership dues of Company and Associate Members,
and activities of the Professional Division. Expenditure decreased mainly due to rent expenses
already including the cost for construction of the new office, in addition to the association's
routine expenses related to the activities of the IPA Committee, General & Administrative
Expenses.
The opening balance of cash flow for the year 2022 was IDR 5 billion. During the year 2022,
adjustments made for depreciation and other changes in assets and liabilities resulted in cash
and cash equivalent of IDR 1,1 billion. Such adjustments contributed to a decrease in cash and
cash equivalent ending balance 2022 to IDR 6,2 billion as indicated in the cash flow.
Financial Highlights 2023
Compared to 2022, the estimated revenue for 2023 will increase, mainly due to the offline
holding of Convention and Exhibition.
The expenditure in 2023 will be reduced due to the new normal office rental costs in Pondok
Indah Office Tower Building. At the end of 2023, IPA estimated surplus is IDR 1,4 billion after
Corporate Income Tax (CIT).
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Indonesian Petroleum Association
2022 Net Surplus/ (Deficit)
(in million Rp)
Actual Budget Variance
Revenues 8.715 9.269 554
Expenses 10.009 9.169 (840)
Operating Surplus / (Deficit) (1.294) 100 1.394
Corporate Income Tax (CIT) - - -
Net Surplus/(Deficit) After CIT (1.294) 100 1.394
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2022 Cash Flow
(in million Rp)
Balance per January 1, 2022 5.078
Operating Surplus/ (Deficit) before Corporate Income Tax (1.294)
Allowance for impairment losses -
Depreciation 39
)
Net (Decrease) / Increase in cash 2.333 *
and cash equivalent
Balance per December 31 , 2022 6.156
Notes : * ) - Account Receivables and Prepayments 2.530

- Purchase of Fixed Assets (52)
- Account Payables and accrued liabilities (242)
- Tax payables 98
2.333
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2022 Revenues
(in million Rp)
Company and Associate Company Dues 5.358 5.836 (478)
Professional Division Revenues 678 963 (285)
Bank Interest, Other 179 200 (21)
Convention Surplus 2.500 2.270 230
8.715 9.269 -554
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2022 Expenses
(in million Rp)
Professional Division Committee 126 143 (17)
Environmental & Safety Committee 2 1 1
Finance & Tax Committee 3 2 1
Human Resources Committee - 1 (1)
Supply Chain Management Committee - 1 (1)
LNG and Gas Sales Committee - 2 (2)
Regulatory Affair Commmittee 18 1 17
Exploration Committee - 1 (1)
Associate Members Committee - - -
EOR & Unconventional Committee - - -
Ethics and Compliance Committee - 1 (1)
Special Projects 150 - 150
General and Administrative 4.110 4.001 109
Salaries and Benefits 5.600 5.015 585
10.009 9.169 840
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2022 General & Administrative Expenses
(in million Rp)
Office Rent 2.053 1.786 267
Electricity 22 22 0
Telephone and Facsimile 5 5 (0)

Stationaries and Other Supplies 25 26 (2)
Printings and Reproductions 50 60 (10)
Postages and Mailings 2 2 0
Transportations 46 38 8
Meetings 119 127 (8)
Information Technology 258 252 6

(Gain) or Loss on Exchange Rate - - -
Professional Service Fee (Auditor, Consultant, etc) 1.027 1.402 (375)
Insurance Expense 5 6 (1)
IPA Exhibition Booth 260 200 60
Tax 133 - 133
Depreciation 39 25 14
Other Expenses 67 50 17
Sub -T o t a l G & A 4.110 4.001 109
Salaries & Benefit 5.600 5.015 585
Total G & A and Salary Expenses 9.710 9.016 694
Page 21 of 82
CASH FLOW
December 31, 2022 and YTD November 30 , 2023
(in million Rp)
Dec. 31, 2022 YTD Nov. 30, 2023
Actual Actual
(million) (million)
Cash Flow From Operating Activities
Excess revenue over expenditure before Corporate Income Tax (1.294) 3.363
Allowance for impairment losses - -
Depreciation expenses 39 35
Employee entitlement expenses - -
Changes in assets and liabilities

Account Receivables 2.187 (557)
Employee loan receivables - -
Prepayments 342 -
Deposits - -
Account Payables and accrued libilities (242) (764)
Tax payables 98 -
Corporate Income Tax paid - -
Estimate Tax Refund - -
NET CASH PROVIDED BY (used In) OPERATING ACTIVITIES 1.130 2.078
Cash Flow From Investing Activities

Purchase of fixed assets (52) (71)
NET CASH PROVIDED BY INVESTING ACTIVITIES (52) (71)

TOTAL OF NET CASH PROVIDE (USED) IN THIS PERIOD 1.078 2.006
CASH AND CASH EQUIVALENT AT BEGINNING OF PERIOD 5.078 6.156
TOTAL OF CASH AND CASH EQUIVALENT AT END OF PERIOD 6.156 8.162
Page 22 of 82
STATEMENT OF REVENUE AND EXPENDITURES
November 30, 2023
(in million Rp)
YTD AVG. YTD
Nov 30, 2023 2023 Variance
ACTUAL BUDGET
(1) (2) (3 = 1 - 2)
REVENUES
Company and Associate Company Dues 5.372 5.104 268
Professional Division Revenues 454 995 (541)
Convention 4.000 3.208 792
Other Revenues 79 55 24
TOTAL REVENUE 9.905 9.362 543
EXPENDITURES
Professional Division Committee 44 402 (358)
Environmental Committee - 5 (5)
Finance & Tax Committee 4 9 (5)
Human Resources Committee - 1 (1)
Supply Chain Management Committee 25 5 20
LNG & Gas Committee - 2 (2)
Regulatory Affair Committee 25 18 7
Associate Members Committee - - -
Exploration Committee 4 1 3
EOR & Unconventional Committee - 1 (1)
Ethics and Compliance Committee - 5 (5)
Energy Transition Committee - - -
Special Project - - -
General and Administration 1.665 2.601 (936)
Salaries and Benefits 4.775 5.154 (379)
TOTAL EXPENDITURES 6.542 8.201 (1.660)
Net Surplus / (Deficit) Before Tax 3.363 1.161 2.203
Page 23 of 82
STATEMENT OF REVENUE AND EXPENDITURES
L.E. December 31, 2023
(in million Rp)
NOV 30, 2023 FY 2023 FY 2023
VARIANCE
YTD ACTUAL FORECAST BUDGET
(1) (2) (3) (4 = 2 - 3)
REVENUES
Company and Associate Company Dues 5.372 5.372 5.568 (196)
Professional Division Revenues 454 578 1.085 (507)
Convention Surplus / (Deficit) 4.000 4.000 3.500 500
Other Revenues 79 85 60 25
TOTAL REVENUE 9.905 10.035 10.213 (178)
EXPENDITURES
Professional Division Committee 44 44 438 (394)
Environmental Committee - - 5 (5)
Finance & Tax Committee 4 6 10 (4)
Human Resources Committee - - 1 (1)
Supply Chain Management Committee 25 25 5 20
LNG & Gas Committee - - 2 (2)
Regulatory Affair Committee 25 25 20 5
Associate Members Committee - - 1 (1)
Exploration Committee 4 4 1 3
EOR & Unconventional Committee - - 1 (1)
Ethics and Compliance Committee - - 5 (5)
Energy Transition Committee - - - -
Special Project - - - -
General and Administration 1.665 2.529 2.837 (308)
Salaries and Benefits 4.775 5.655 5.622 33
TOTAL EXPENDITURES 6.542 8.288 8.948 (660)
NET SURPLUS / (DEFICIT) BEFORE TAX 3.363 1.747 1.265 482
Page 24 of 82
BALANCE SHEETS
DECEMBER 31, 2021 AND 2022
(in million Rp)
Dec. 31, 2022 Dec. 31, 2021

ASSETS
Current Assets
Cash and Cash Equivalent 6.386 6.156
Account Receivable and Prepayments 517 1.131
Employee Loans Receivable - -
Total Current Assets 6.903 7.287

Non Current Assets
Fixed Assets, net 52 39
Deposits 123 444
Estimated Tax Refund 1.345 2.959
Deferred Tax Assets 463 385
Total Non Current Assets 1.983 3.827
TOTAL ASSETS 8.886 11.113
LIABILITIES AND ACCUMULATED SURPLUS

LIABILITIES
Current Liabilities :
Account Payable and Accrued Liabilities (8.633) (9.143)
Tax Payables (424) (437)
Total Current Liabilities (9.057) (9.580)

Non Current Liabilities
Provision for Employee Service Entitlements (2.099) (1.748)
Deferred tax liability - -
Total Non Current Liabilities (2.099) (1.748)
TOTAL LIABILITIES (11.155) (11.328)
ACCUMULATED SURPLUS 20.041 22.441
TOTAL LIABILITIES AND ACCUMULATED SURPLUS 8.886 11.113
Page 25 of 82
BALANCE SHEETS
NOVEMBER 30, 2023 AND DECEMBER 31, 2022
(in million Rp)
Nov. 30, 2023 Dec. 31, 2022

ASSETS
Current Assets :
Cash and Cash Equivalent 8.616 6.386
Account Receivable and Prepayments 591 517
Employee Loan Receivables -
Total Current Assets 9.207 6.903

Non Current Assets
Fixed Assets, net 85 52
Deposits 123 123
Estimated Tax Refund 1.345 1.345
Deferred Tax Assets 307 463
Total Non Current Assets 1.860 1.983

TOTAL ASSETS 11.067 8.886
LIABILITIES AND ACCUMULATED SURPLUS

LIABILITIES
Current Liabilities
Account Payables and Accrued Liabilities (3.521) (8.633)
Tax Payable (574) (424)
Total Current Liabilities (4.095) (9.057)

Non Current Liabilities
Provision for Employee Service Entitlements (2.483) (2.099)
Deferred Tax Liability - -
Total Non Current Liabilities (2.483) (2.099)
TOTAL LIABILITIES (6.578) (11.155)
ACCUMULATED SURPLUS 17.645 20.041
TOTAL LIABILITIES AND ACCUMULATED SURPLUS 11.067 8.886
Page 26 of 82
STATEMENT OF REVENUES AND EXPENDITURES
DECEMBER 31, 2021 AND 2022
(in million Rp)
Dec, 31 2022 Dec, 31 2021
REVENUE:
Company members 4.585 4.953
Associate members 773 820
Professional division members 104 88
Course revenue 222 153
Convention Fees Revenue 2.500 885
Core Workshop - -
Luncheon meeting revenue 25 -
Sales of publications - professional division 327 399
Bank interest 50 133
Other income 129 25
Total revenues 8.715 7.456
Ctrl - -
EXPENDITURES:
Technical course expenses 107 95
Salaries and benefits expenses 5.600 5.774
Office rent expenses 2.053 1.482
Professional fees expenses 1.027 1.124
Special project expenditure 150 -
Field trip expenses - -
Meeting expenses 121 10
Printing and stationery expenses 50 38
IPA Exhibition Booth 260 -
Employee service entitlements expenses - -
Luncheon meeting expenses 20 -
Office and IT maintanance expenses 382 625
Depreciation expenses 39 29
Medical expenses - -
Foreign exchange loss/(gain) - net - -
Tax Expenses 133 811
Other expenses 67 67
Total expenditures 10.009 10.055
Excess of revenues over expenditures - before tax (1.294) (2.599)

Final Tax
Corporate income tax expense - current - -
Deferred tax benefit
(Deficit)/Excess of revenues over expenditures (1.294) (2.599)
Page 27 of 82
SECTION 3
ASSOCIATE MEMBERS COMMITTEE
2023 ACTIVITIES REPORT
AND
2024 LOOK AHEAD
VICE-CHAIRPERSON
Pungky Hermawan
(Tenaris)
Page 28 of 82
ASSOCIATE MEMBERS COMMITTEE
I. COMMITTEE MEMBERS
Chairman - -
Vice Chair Pungky Hendrawan Tenaris
Members Andrew Briston Weatherford
Scott Cremin Schlumberger
Iwan Chandra E1CSolutions
Tanu Wijaya Imeco
Johnny Tjea PT BMT Asia Pacific
Agus Wiryawan Fugro
Harry Lopez Halliburton
II. 2023 ACTIVITY REPORT
Nothing to report.
III. 2024 LOOK AHEAD

Nothing to report.
Page 29 of 82
SECTION 4
CONVENTION COMMITTEE
AND
2024 LOOK AHEAD
CHAIRPERSON
Krishna Ismaputra
(Eni Muara Bakau Ltd)
Page 30 of 82
CONVENTION COMMITTEE
I. GENERAL INFO
Event Name : The 47th IPA Convention & Exhibition 2023

Theme : Enabling Oil & Gas Investment and Energy Transition
for Energy Security
Venue : Indonesia Convention Exhibition (ICE) BSD City
Day, Data : Tuesday-Thursday, 25–27 July 2023
Opening Ceremony : Tuesday, 25 July 2023 (09.00 – 10.00 AM)
Organizer : Indonesian Petroleum Association
Co-organizer : PT Dyandra Promosindo
II. COMMITTEE MEMBERS
Chairman Krishna Ismaputra ENI MUARA BAKAU
Vice Chairperson Hariadi Budiman EXXONMOBIL CEPU
Leonardus Tjahjadi BP BERAU
Novie D. Hernawati SCHLUMBERGER
Plenary Sub-Committee
Chief Teresita Listyani Indah Sari REPSOL SAKAKEMANG
Deputy Chief Hani Sufia Hassan PC KETAPANG II
Member(s) Diane Anggraeni SHELL INDONESIA
Protocol Sub-Committee
Chief Dave A. Seta EXXONMOBIL CEPU
Deputy Chief Erry Prihandri Affandi SAKA ENERGI INDONESIA
Member(s) Williya Retnosari ENERGI MEGA PERSADA
IPA Whitepaper Sub-Committee

Chief Hendra Halim BP BERAU
Reception & Special Events Sub-Committee

Chief Malik M. Habir MEDCO E&P INDONESIA
Page 31 of 82
Deputy Chief Najmiyah Sabil SAKA ENERGI INDONESIA
Member Shana Guviani ENI MUARA BAKAU
Technical Paper (TPC) Sub-Committee

Chief Afriandi Eka Prasetya SKK MIGAS
Deputy Chief Fikri Irawan WEATHERFORD
Members Anna Sulistiyaningsih IPA
Taufikurrahman IPA
Technology Session Sub-Committee

Chief Debby H. Utaminingdiah S. PERTAMINA (PERSERO)
Sponsorship Sub-Committee
Chief Bina Yuanita IPA INDIVIDUAL MEMBER
Exhibition Sub-Committee
Chief Abraham Situmorang PERTAMINA (PERSERO)
Deputy Chief Lia Andriani La Gosse PC KETAPANG II LTD.
Member Takdir Johan IPA
Security & Safety Sub-Committee

Chief Mohammad Ali Wiryawan ENI MUARA BAKAU
Deputy Chief Aviantoro Nugroho MEDCO E&P INDONESIA
Information Technology Sub-Committee

Chief Michael Andreas KANGEAN ENERGY INDONESIA
Registration Sub-Committee
Chief Nevi Septianti IPA
Deputy Chief Agung Pratama IPA
Communication & Publication Sub-Committee

Chief Posman Sianturi IPA
Deputy Chief Feddy Fahdi Bayusegara MEDCO E&P INDONESIA
Members Septiana Dewi Nugraeni PC KETAPANG II LTD.
M. Nunung Kurniawan IPA INDIVIDUAL MEMBER
Gyzelda Disanty SKK MIGAS
Page 32 of 82
III. 2023 ACTIVITIES REPORT
The IPA Convex 2023 is the first fully offline convention and exhibition since the hiatus due
to pandemic and has received great participation and enthusiasm. The launch of IPA’s white
paper on energy transition was echoed in the theme “Enabling Oil & Gas Investment and
Energy Transition for Energy Security”. The event was held on 25-27 July 2023 at the
Indonesia Convention Exhibition (ICE) BSD City, Tangerang. The Minister of Energy and
Mineral Resources (ESDM), Arifin Tasrif, officially opened the IPA Convex 2023. In his
remarks, the Minister said that the upstream oil and gas industry is facing increasing pressure
to clarify the implications of energy transitions for their operations and business models, and
to explain the contributions that they can make to reducing greenhouse gas emissions.
The IPA Convex 2023 experienced significant changes regarding the event location. At the
time of its launch at the end of year 2022, IPA Convex 2023 was scheduled to take place on
May 24-26, 2023, at the Jakarta Convention Centre (“JCC”). However, the JCC in that time
frame became unavailable due to renovations being carried out in preparation for Indonesia
hosting the 2023 ASEAN Summit; we were asked to reschedule or move to a new location.
Page 33 of 82
But in a very short time, the IPA Convex Committee along with the event organizer found a
replacement location at ICE BSD City, Tangerang.
The IPA Convex 2023 was participated by almost 2.276 convention delegates, 1.274 student
delegates, and more than 21.000 exhibition visitors from 22 countries. For the Exhibition, the
IPA Convex was participated by 132 exhibiting companies reflect the new energy in support
of low carbon. The company booths highlighted the growth in oil & gas production in an age
of energy transition: exploration successes and major developments are shown side by side
with initiatives and plans in clean energy. Booths demonstrating solar panels and electric
vehicles were popular with the public, while many students still gathered around displays of
major oil and gas developments.
For the convention, there were several distinguished speakers and moderators who
participated in a total of nine sessions. See below all the Plenary Sessions that were
conducted well at the IPA Convex 2023.
Tuesday CEO INDUSTRY 1. Nicke Widyawati, President Director & CEO
25 July 2023 OUTLOOK PT Pertamina (Persero)

2. Tan Sri Tengku Muhammad Taufik Tengku
Kamadjaja Aziz, Chairman of Gentari Sdn.
Navigating Energy
Bhd., and President, CEO & Director at
Trilemma (Energy
Petroliam Nasional Bhd
Security, Sustainability,
3. Mansoor Mohamed Al Hamed, CEO
and Affordability) in Oil &
Mudabala Energy
Gas Business
Moderator: Rahma Alia
Tuesday INDUSTRY INSIGHTS 1. Carole J. Gall, the IPA Board, the President
25 July 2023 of ExxonMobil Indonesia,

Maximize Oil and Gas Role 2. Nuki Agya Utama, Executive Director of the
for Economic Growth in the ASEAN Center for Energy
Energy Transition Era 3. Tutuka Ariadji, Director-General of Oil and
Gas,
4. Dwi Soetjipto, Chairman of SKK Migas.
Moderator: Satya Widya Yudha (National
Energy Council)
Page 34 of 82
Wednesday INDUSTRY CHALLENGE 1. Andrew Harwood, Director of Upstream and
26 July 2023 Carbon Management Research at APAC

Attracting Capital for Wood Mackenzie
Indonesia O&G Investment 2. Greg Holman, IPA Board Member and
to Secure Energy Director of Repsol Indonesia,
Transition 3. Satya Widya Yudha, Member of the National
Energy Council (DEN)
4. Kurnia Chairi, Deputy Chairman of SKK
Migas for Finance and Commercial
5. M. Firouz Asnan, Senior Vice President of
Petronas Malaysia Petroleum Management.
Wednesday FOCUS DISCUSSION 1 1. Arief S. Handoko, President and Director of
26 July 2023 Pertamina Gas Negara

Balancing Interests of 2. Aris Mulya Azof, Chairman of the Indonesian
Upstream and Gas Society
Downstream in 3. Kurnia Chairi, Deputy of Finance and
Determining Indonesian Commercialization of SKK Migas,
Domestic Gas Price Policy 4. Triani, Representative of the Directorate of
Upstream Chemical Industry-Indonesian
Ministry of Industry
Moderator: Kevin S. Moore (IPA Board)
Wednesday EMERGING INDUSTRY 1. Tutuka Ariadji, Director General of Oil & Gas
26 July 2023 CHALLENGE 2. Nanang Abdul Manaf, Deputy Chairman of

SKK Migas
The Roles of CCS/CCUS in 3. Belladona Maulianda, Executive Director of
Energy Transition for the Indonesia CCS Center;
Indonesia Reaching NDC 4. Kathy Wu, IPA Board Member and BP
President of the Asia Pacific Region
Moderator: Joshua Ngu, (Head of Upstream
Consulting APAC, Wood Mackenzie)
Wednesday FOCUS DISCUSSION 2 1. Kenneth Freeman, Director of Asia Pacific
26 July 2023 Policy at ExxonMobil

Development of the CCS
Hub for Promoting
Page 35 of 82
Sustainable Economic 2. Chris Stavinoha, General Manager of CCUS
Growth Solutions Asia Pacific and the Middle East at
Chevron
3. Steve Cox, Executive Vice President of HSE,
Net Zero, and CCS at Harbour Energy
4. Doddy Abdassah, Indonesia Center of
Excellence for CCS/CCUS
Moderator: Joshua Ngu, (Head of Upstream
Consulting APAC, Wood Mackenzie)
Thursday SPECIAL TOPICS 1. Benny Lubiantara, Deputy for Exploration,
27 July 2023 Development, and Management of Working

Capture High Potential Areas of SKK Migas
Untapped Resources and 2. Yuzaini bin Md Yusof, CEO of Petronas
Build a Competitive Oil Indonesia
and Gas Portfolio 3. Doddy Abdassah, Indonesia Center of
Excellence for CCS/CCUS,
4. Pri Agung Rakhmanto, Founder and Advisor
of the Reforminer Institute.
Moderator: Triharyo Indrawan Soesilo (Advisor to
the ESDM Minister)
Thursday FOCUS DISCUSSION 3 1. Deputy Chairman of Commission VII, DPR
27 July 2023 RI, Maman Abdurrahman.

Recent Update and Moderator: Ali Nasir, (Chairman of IPA Regulatory
Industry Expectation on Affair Committee)
the New Oil and Gas Law
Thursday ASSOCIATION 1. M. Burhannudinnur, Chairman of Ikatan Ahli
27 July 2023 PRESENTATION Geologi Indonesia (IAGI)

2. Randy Condronegoro, President of
Oil and Gas Industry as Himpunan Ahli Geofisika Indonesia (HAGI),;
the Catalyst for Energy 3. Inge Sondaryani, Secretary General of
Just Transition in Ikatan Ahli Teknik Perminyakan Indonesia
Indonesia (IATMI)
Page 36 of 82
4. Taufik Aditiyawarman, President of Ikatan
Ahli Fasilitas Produksi Minyak dan Gas Bumi
Indonesia (IAFMI)
Moderator: Arif Gunawan (Country Manager
Indonesia of TGS)
IV. 2024 LOOK AHEAD
The IPA board of directors has agreed to hold the annual IPA Convex 2024 event on May
14–16, 2024, at the Indonesia Convention Exhibition (ICE) in BSD City, Tangerang. The
selection of this date considers the schedule for the presidential and legislative elections,
which will take place in 2024. The IPA Convex 2024 committee is again led by Krishna
Ismaputra from Eni Muara Bakau. Apart from determining the complete structure of the
committee, the IPA Board of Directors has also determined the main theme that will be
carried out at the IPA Convex 2024, namely "Gaining Momentum to Advance Sustainable
Energy Security in Indonesia and the Region.".
The following are some of the main programs that will be held at IPA Convex 2024
- New Layout for Exhibition
- Global Speakers
- Optimize the Youth Program
- Optimize the Technology Session
- Follow up of IPA White Paper
- Produce Infographic
- Optimize the utilization of Co-working space, Shuttle bus, Food trucks.
- Improvement on support facility (i.e., exhibition floor, toilets,
accommodations)
Page 37 of 82
SECTION 5
ENERGY TRANSITION COMMITTEE
AND
2024 LOOK AHEAD
CHAIRPERSON
Deny Rijadi
(BP Berau Ltd.)
Page 38 of 82
ENERGY TRANSITION COMMITTEE
The Energy Transition Committee is tasked to advocate, monitor, and provide input to current
and emerging laws, regulations and policies related to low carbon emission. It keeps abreast
of global developments in low carbon energy in support of its advocacy for the oil & gas
industry’s continued importance in the era of energy transition.
Chairperson Deny Riyadi BP BERAU LTD.
Vice Chairperson Krishna Ismaputra ENI MUARA BAKAU B.V.
Secretary Teresita Listyani REPSOL SAKAKEMANG B.V.
Members Pipi Pujiani BP BERAU LTD.
Hariadi Budiman EXXONMOBIL CEPU LTD.
Boby Tjahjana HARBOUR ENERGY
Feriyanto MEDCO E&P INDONESIA
Diane Anggraini SHELL INDONESIA
Dion Kumboro CHEVRON RAPAK LTD.
Ferita Damayanti CHEVRON RAPAK LTD.
Firman Dharmawan MEDCO ENERGI INTERNATIONAL
Prana Raditya INPEX MASELA LTD.
Hani Sufia Bt Hassan PC KETAPANG II LTD
Iwan Chandra INDIVIDUAL MEMBER
II. 2023 ACTIVITY REPORT
CCS/CCUS Regulatory Framework Advocacy. This has been a large part of our
2023 activities. As lead for the advocacy, ETC has continued to actively contribute to
the drafting of the Ministry of Energy and Mineral Resource (“ESDM”) Regulation on
CCS/CCUS. IPA’s input and involvement in the ministerial task force has culminated
in the enactment of Ministerial Regulation no.2/2023 in March. The key issues required
by the industry to develop CCS/CCUS under the current framework are sufficiently
provided in the regulation. We now have the basis for planning, executing, monitoring,
reporting, and verification of CCS/CCUS activities, and recognition of CCS/CCUS as
part of Petroleum Operations.
Page 39 of 82
Following the Ministerial Regulation, we are working with SKK Migas at the
implementation level to start drafting the Management Guidelines for Work Procedures
(“PTK”) for CCS/CCUS.
IPA’s advocacy has followed into the drafting of the Presidential Regulation on
CCS/CCUS, which could be enacted by the end of 2023, and which among others
addresses cross-border CCS, a fundamental building block for energy transition. We
have discussed and given input on the many aspects that it must consider, such as
policies, regulations, incentives, tax & finance, business model, PSC split, reserves
management, and Upstream/Downstream classification.
Amendment of Oil & Gas Law. We are part of the core IPA team that has advocated
for the amendment to incorporate more flexible contract terms, improved fiscal terms,
and streamlined regulatory process. Diverse executive and legislative stakeholders at
several levels were engaged. As related to energy transition, recommendations from
the IPA concerned the authority to regulate GHG emission reduction, the recognition
that GHG emission reduction initiatives are part of petroleum operations, and for further
regulations arising from the Oil & Gas Law to align with the ESDM Regulation on
CCS/CCUS. The revised law is currently in Parliament.
Dialogue with the National Energy Council. The committee held discussions with
Council members on the Long-Range Energy Plan (“Rencana Umum Energi Nasional”)
and emphasized the need to have a clear road map on energy transition policy,
consistent with the IPA White Paper on Energy Transition.
IPA 2023 Convex. The Convex highlighted the increasing recognition of Energy
Transition for Indonesia’s energy resilience. The launch of the IPA White Paper and
the CEO talks set the theme; most upstream exhibitors had displays of low carbon
energy; and many papers, presentations and posters were specifically on CCS/CCUS.
III. MEMBERSHIP
The committee membership is diverse, with disciplines in subsurface, business

development, finance and legal. The members meet regularly to exchange information
and update any significant development in the area of energy transition. We collaborate
Page 40 of 82
with the Committees on Regulatory Affairs, Finance & Tax, and Environment & Safety,
and members from these committees frequently attend.
IV. 2024 LOOK AHEAD
The IPA White Paper specifically identifies the “accelerated development of a robust
CCS/CCUS industry” as crucial for Indonesia’s energy transition. Five areas of action
to lay the foundation are:
1. Develop comprehensive CCS/CCUS laws and regulations.
2. Design and ratify cross border CO2 emission management agreement.
3. Introduce a national carbon credit framework.
4. Offer fiscal incentives; and
5. Introduce a permanent and high carbon price.
The first has been on-going, and in 2024 ETC will start the advocacy necessary for
movement in the other 4 areas. Increased commitment of time and effort will be
required from committee members, as the critical part of the advocacy will be to align
multiple stakeholders.
Page 41 of 82
SECTION 6
ENVIRONMENT AND SAFETY COMMITTEE
AND
2024 LOOK AHEAD
CHAIRPERSON
Pipi Pujiani
(BP Berau Ltd.)
Page 42 of 82
ENVIRONMENT & SAFETY COMMITTEE
The Environment & Safety Committee is tasked with interpreting, clarifying, and
communicating policies, regulations and guidelines related to Environment and Safety in the
oil & gas industry, particularly in relation to implementation. Our work also involves giving
input and participating in the development of policies for new and emerging issues in
collaboration with other Committees.
Chairperson Pipi Pujiani BP BERAU LTD.
Vice Chairperson Teguh H. Susanto EXXONMOBIL CEPU LIMITED
Secretary Shanti Nata Artha MEDCO E&P INDONESIA
Environment Sub-Committee
Rizka Perdhani PT PERTAMINA PERSERO
Krishna Ismaputra ENI MUARA BAKAU BV.
Ibrahim Arsyad MEDCO E&P INDONESIA
Abdul Mujib MEDCO E&P GRISSIK
Roro Ajeng P.W. EXXONMOBIL INDONESIA
Olivia Kabi MEDCO E&P INDONESIA
Defrinaldo PERTAMINA SUB HOLDING UPSTREAM
Safety Sub-Committee
Faris Syauki HUSKY ENERGY
Anita Krisma PERTAMINA HULU INDONESIA
Rizky Gunawan PERTAMINA SHU REGIONAL 3 ZONA 9
T Reiza Yuanda PT PERTAMINA PERSERO
Dadang Purnama PETRONAS
Alditho Farrasi PERTAMINA SHU REGIONAL 3 ZONA 9
Orig Setianto PERTAMINA SHU REGIONAL 3 ZONA 9
Kukuh Rahmatullah PERTAMINA SHU REGIONAL 3 ZONA 9
Mira Oktari ENERGI MEGA PERSADA
Estu Subagyo SAKA ENERGI
Errik Saleh SAKA ENERGI
Citra Yuliana MUBADALA ENERGY
Hayun Budiman PETRONAS
Page 43 of 82
II. 2023 ACTIVITIES REPORT
ADVOCACY AND ENGAGEMENT

Our stakeholders in the regulatory bodies are primarily in the Ministry of Environment
and Forestry (“KLHK”), the Ministry of Energy and Mineral Resources (“ESDM”)/
Directorate General of Oil and Gas (“MIGAS”) and SKK MIGAS. Our advocacy is in
improving and/or developing the implementation of environmental guidelines and
regulations which apply to the upstream oil & gas industry.
1. The annual PROPER awards, given to all industries by the KLHK, are seen by the
government to be a prestigious achievement. IPA’s advocacy is for PROPER
(basically, an environmental audit) to be judged every 3 years specifically for the
oil & gas industry so that the focus can be more directed to sustainable
compliance; also, for the award winners to receive a more meaningful advantage
for their achievement. A notable change is that next year’s candidates for the Gold
Award, the highest, will be judged with the same passing grade as this year’s
whereas previously such grades have been on an upward trend year-on-year. The
3-year submittal period is still pending.
PROPER’s expectations of “Beyond Compliance” has recently been formalized by

an official mandate. For many companies this can be a resource intensive effort
(in cost, systems, and man-hours) and we are in discussions for suggestions on
improving and simplifying the implementation of Beyond Compliance evaluation
such as using benchmark data.
2. We are participating and providing input to a study on systems and methods for
data gathering in support of the national effort for low carbon solutions
(CCS/CCUS, Carbon Trading, Energy Transition), led by the Coordinating Ministry
of Maritime Affairs and Investment (“MARVES”). Such a system will align the
inputs and reports received from multiple ministries and consultants to inform the
basis for decisions such as in carbon pricing.
3. We have taken part in discussions and provided data and suggestions to the
ESDM’s national sustainability report. Our stakeholder is MIGAS on aspects
related to reporting and data analysis.
Page 44 of 82
4. We have collaborated with the Energy Transition Committee on the CCS/CCUS
advocacy, specifically participating as advisors and writers in the development of
the PTK by SKK Migas.
5. We continue to network within SKK Migas in support of their One Door Service
Policy in the simplification of formalities for environmental permits such as
reduction of overlapping requests from different ministries.
III. COMMITTEE MEMBERSHIP
The team in 2023 has had to contend with many urgent requests and expectations from
key stakeholders. Training in emerging new topics will be required in order to keep up
with the accelerated pace of Energy Transition.
IV. 2024 LOOK AHEAD
We shall continue the advocacy and engagement work in 2023. The current energy
transition conversation will have Environment and Safety aspects, particularly as a
follow up to the IPA White Paper, and we anticipate providing increasing support. We
plan to hold sharing sessions on Process Safety and invite expert speakers for talks.
On membership, we plan to change/rotate the committee and sub-committee

leadership to refresh the organization.
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SECTION 7
ETHICS & COMPLIANCE COMMITTEE
AND
2024 LOOK AHEAD
CHAIRPERSON
Raditya Patriaji
(BP Berau Ltd.)
Page 46 of 82
ETHICS & COMPLIANCE COMMITTEE
The Committee oversees and manages ethical and compliance-related matters through four
avenues: External Engagement, Internal Engagement, Education and Giveback, and
Communication and Events. The aim is to represent IPA and to coordinate with other industry
entities in promoting ethics and compliance with laws, regulations, and standards.
Chairperson Raditia Patriaji BP
Vice Chairperson Chandra Triayu PETRONAS
Advisor Krishna Ismaputra ENI
Ronny Siahaan MEDCO
Secretary Nathalia Angeli MEDCO
Members Tri Hartarto HARBOUR ENERGY
Noki Saefullah MEDCO
Weka Mahardika HARBOUR ENERGY
Irwan Suprapto MEDCO
Damayanti Rini PETRONAS
Aditya Widyapermana MEDCO
Nandira N. Zafira REPSOL
Azlina bt. Yusup PETRONAS
Maria Fransiska BP
Indah Damayanti ENI
Early Carlia BP
EXTERNAL ENGAGEMENTS
In 2023 much time and effort were devoted to external engagements, where we met
with various key institutions to promote and share ideas, context, and understanding
on issues related to corruption, bribery, gratification, and hosting. The institutions are:
a) The Forum of Indonesian Oil & Gas Auditors (“FAMI”): The committee twice
participated in FAMI forums in July and September and discussed ethics and
compliance risks related to business simplification in the achievement of the 1-
million-barrel national target. As part of the 4th International Convention on
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Indonesian Upstream Oil & Gas held in September 2023, FAMI held a special
Forum Summit to which members of the E&C Committee actively participated.
b) The Committee for the Eradication of Corruption (“KPK”): we held discussions
on how the Oil & Gas industry tackles bribery and corruption and manages
operational risks such as facilitation in obtaining permits. In October, the Board,
accompanied by the Regulatory Affairs and E&C committees, met with KPK on
topics of anti-corruption, anti-bribery, and liabilities within the energy sector.
Other representatives from the sector were also present.
c) SKK MIGAS: introduction and discussion with the new Deputy Internal Control/
External Audit. Continuing issues revolve around business trips, government
hosting, and Gifts & Entertainment.
INTERNAL ENGAGEMENTS
We have provided quarterly updates to the IPA ECC Board and have held monthly
committee meetings.
ECC was invited on 2 occasions to speak to member companies. In July with Medco
E&P on the topic of “Harassment-Free Workplace” and in November with Petronas for
a discussion on the integrity implementation in the company.
EDUCATION AND GIVEBACK
As part of our commitment to build an integrity community, in March 2023 we were

invited by PERTAMINA University to give a public lecture on “Achieving Business
Sustainability: The Importance Role of Personal Integrity”. Around 50 students from
various disciplines attended.
We have started activities for a benchmark study in order to understand and learn about
the state of Ethics & Compliance management in industries outside of upstream Oil &
Gas. We have made an initial approach to companies in downstream O&G, pharma,
automotive, and food and beverage. This study is planned to be conducted in
December 2023.
COMMUNICATION AND EVENTS
ECC participated in the plenary session at the IPA 2023 Convex on the topic of
compliance and governance in the upstream oil & gas industry. ECC members have
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initiated a Team Building activity which will be held in December 2023. The half-day
team-building program includes a short trekking activity at Sentul and a lunch meeting
of 2023 Reflections and Evaluation. This program is self-funded by ECC members.
Continue to oversee and manage ethical and compliance-related matters through four
avenues: External Engagement, Internal Engagement, Education and Giveback, and
Communication and Events.
A detailed 2024 Work Program will be discussed with the Committee during the first
ECC meeting in January 2024.
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SECTION 9
EXPLORATION COMMITTEE
AND
2024 LOOK AHEAD
CHAIRPERSON
Rina Rudd
(HUSKY ENERGY INTERNATIONAL CORP.)
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EXPLORATION COMMITTEE
The Exploration Committee is tasked with advocating, developing, and overseeing issues
that will promote informed decisions about whether to invest in the exploration of prospects
in Indonesia. We provide the industry’s input to government regulations, policies and
standards that are conducive for Indonesia to have a vibrant exploration program.
Chairperson Rina Rudd HUSKY ENERGY INTERNATIONAL CORP.
Vice Chairperson Agung B. Cahyono EXXONMOBIL CEPU LTD
Members Walter Ziza CONRAD ASIA ENERGY
Ivan Yulianto ENI INDONESIA
Feriyanto MEDCO E&P INDONESIA
Sinchia Dewi Puspita PERTAMINA HULU ENERGY
Dono H. Mulyono HARBOUR ENERGY
Nick Comrie Smith HARBOUR ENERGY
Hendry Manur STAR ENERGY
Budi Ardiyana STAR ENERGY
Hendra Iriansyah Darmawan PETRONAS
Rizki Krishna Pratama PETRONAS
Gunawan Nurcahyo ENERGI MEGA PERSADA
The committee in 2023 has focused on issues associated with new investment, such
as the Draft Oil & Gas Law, gross split terms improvements, and the promotion of
exploration in frontier areas. In addition to regulatory work, the Exploration Committee
has been working together with the National Data Centre (Pusdatin) to try to improve
the data quality and access through Migas Data Repository to promote investment in
exploration.
REGULATORY ACTIVITIES
The committee is an active member of the IPA team tasked with advocacy of the Draft
Oil & Gas Law. We have collaborated on input, involved actively in meetings and
discussions, and participated in championing IPA’s positions with critical government
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stakeholders such as the Parliamentary Commission VII, the Legislative Body, SKK
MIGAS and the Ministry of Energy and Mineral Resource (“ESDM”).
The revision to the Gross Split PSC will have great impact to new investment in
exploration. The IPA has submitted input on several specific improvements which can
be quickly applied to new investment in frontier areas. As part of the IPA team, the
Exploration committee has consistently highlighted and communicated the potential
advantages to exploration in the revision Gross Split PSC.
ADVOCACY FOR FRONTIER AREAS

We established networking with the National Energy Council (“DEN”) for discussions
with respect to their new draft for National Energy Policies.
During the IPA 2023 Convex, we helped facilitate the ESDM’s Task Force Team for
Eastern Indonesia to promote the team’s work results. This is part of our collaboration
with ESDM and SKK MIGAS with the goal to promote exploration in Eastern Indonesia
and improve contractor’s split (more than 50%) for frontier areas.
RELATED ACTIVITIES
We have been working together to improve the management of G&G national data
through discussions with the Centre of Data and Information Technology (“Pusdatin”).
The open data policy via Migas Data Repository (“MDR”) membership has helped
industry to easily access the data. Next, the provision of reliable, accurate and
available quality data will be critical to better evaluate the opportunity and improve the
chance of success of exploration. The ESDM Minister Regulation 07/2019 (later
revised by Regulation 01/2022) on the management and utilization of Oil & Gas data
has laid the policies, however the actual management of data remains challenging for
Pusdatin due to many factors such as the variety of data type/vintage/format, the large
size of the data volume mostly in non-digital form, and the limited data management
capability/resources.
White Paper Follow-up: in collaboration with other relevant committees, actively

advocate the big agenda for the transition to low carbon while continuing to produce
affordable energy. Affordable energy and supply security will require improvements in
the investment climate.
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The White Paper is also focused on the low carbon initiative through CCS/CCUS;
carbon capture and storage where emission is captured at the source, transported by
pipeline, and permanently stored deep underground.
Regulation: continue the 2023 work on the Draft Oil & Gas Law, the Revision to the
Gross Split PSC, and the establishment of CCS regulations.
Advocacy: in our discussions with stakeholders, we see the need to have a narrative
on Indonesia exploration opportunities that balances and puts in context the varied
opinions and numbers from sources in the public domain. Such a common narrative
will also be useful for the advocacy work by other committees.
We will expand networking to other Exploration Forums active in Indonesia such as the
Jakarta Scout Check and government’s Focus Group Discussions (FGD).
The dialogue with DEN on national energy strategy and policy will continue.
Data Management: work with Pusdatin on some mutually beneficial and practical
plans to improve quality the of Oil and Gas data management.
Membership: a review of the committee membership to engage and enlist members

whose companies have current exploration programs and encourage more active
participation.
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SECTION10
FINANCE AND TAX COMMITTEE
AND
2024 LOOK AHEAD
CHAIRPERSON
Hendra Halim
(BP Berau Ltd.)
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FINANCE AND TAX COMMITTEE
The Finance and Tax Committee mission is three-fold: to shape fiscal policies by advocating
industry input to government; to assist the industry in major F&T related issues and disputes;
and to communicate and seek feedback on Oil & Gas new fiscal policies, regulations, and
developments.
Chairperson Hendra Halim BP BERAU LTD.
Vice Chairperson Zahra Mulachella HARBOUR ENERGY
Members Soekendra Tirtadjaja EXXON MOBIL CEPU LTD.
Joko Priyanto MEDCO ENERGI
Kelik Adrian PERTAMINA HULU ENERGI
Budi Sunantio BP BERAU LTD.
Reza Radityastuty BP BERAU LTD.
Mila Wihartini BP BERAU LTD.
Erick Faisal MEDCO ENERGI
Stefana Ratih PERTAMINA HULU ENERGI
Fifi Roesmawi PERTAMINA HULU ROKAN
Mary Marlina CENOVUS
Hendra Ghifari PERTAMINA HULU ROKAN
Esther Marianto MEDCO ENERGI
Endang Saputra ENI
Rahadiono Suhadak HARBOUR ENERGY
Andri Ansyah INPEX
Eko Cahyadi PERTAMINA
Arif Hadi PERTAMINA HULU ENERGI
Hanna Silalahi PERTAMINA HULU ENERGI
Hendra Hafnur BP BERAU LTD.
Hilman Margandi CHEVRON RAPAK LTD.
Galih Prasetyo HARBOUR ENERGY
Sigit Pawoko MEDCO ENERGI
Riyanti EXXONMOBIL
Shinta Permata REPSOL SAKAKEMANG
Henlei Akmam REPSOL SAKAKEMANG
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Support and Participation in Major Oil & Gas Industry Conventions

Committee members were active at the IPA 2023 Convex and at SKK Migas’ 4th
International Convention on Indonesian Upstream Oil & Gas. We provided financial
and technical expertise as well as essential data for the programs. It was also an
opportunity to network with major stakeholders such as the Ministry of Energy and
Mineral Resource (“ESDM”), the Finance Ministry (“MoF”), the Ministry of Maritime and
Investment, the Directorate General Renewables, the National Energy Council
(“DEN”), Fiscal Policy Agency (“BKF”) and Parliament members (“DPR”).
Resolution Of F&T Issues and Disputes

We successfully addressed long outstanding disputes of Branch Profit Tax (“BPT”) for
some contracts through consensual agreement.
Additionally, significant progress has been made in addressing disputes related to tax
return rejections resulting from BPT disputes. Valuable support and collaboration from
SKK Migas have played a crucial role in these efforts.
Contribution To IPA & Wood Mackenzie White Paper

The F&T Committee members participated in the conceptualization, development, and
dissemination of the White Paper.
Advocacy in the amendment of laws and regulations, primarily on the themes of

contract sanctity, improved terms, and effective implementation. In our advocacy
work, the F&T Committee collaborates with other related IPA Committees such as
Regulatory Affairs, Exploration, Gas, Energy Transition, and Human Resources.
Amendment of Oil & Gas Law. We are part of the core IPA team that advocated for
the amendment to incorporate more flexible contract terms, improved fiscal terms, and
streamlined regulatory process. In 2023 meetings with the executive and legislative
branches have led to the acceptance of a significant portion of IPA’s input. The revised
law is currently in Parliament.
Amendment of Government Regulations 79, 27 and 53. The committee leads the
advocacy in the issues of extending fiscal facilities throughout the entire contract period
and in establishing a dedicated facility for CCS/CCUS. We have full support from SKK
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Migas in our advocacy to the Ministry of Finance. Persistent challenges from the
Ministry have put this effort on hold.
VAT on Master List facility. The facility is intended for the import of goods. Its
implementation has led to disagreements between Contractors, Custom Office, and
the Directorate General of Tax. We have been working to bridge and establish a
harmonized framework that all parties can accept and that mitigates potential tax
exposure to both contractors and vendors. SKK Migas, the Customs office and the
Directorate General Tax have unofficially agreed to align on this issue.
Amendment of Government Regulation 36/2003. This regulation mandates the

deposit and retention within Indonesia of 30% proceeds derived from natural
resources, for a period of 3 months. The industry is seeking exceptions to honor PSC
agreements. IPA has full support and backing from SKK Migas, however persisting
challenges from the Ministry of Finance and the Central Bank have put discussions on
hold.
Proposed Amendment of PMK 258. The F&T and RA Committees support the HR
Committee in IPA’s advocacy to propose a revision to this 2011 regulation which
imposes a cap on expats remuneration in PSCs. The regulation allows for a review of
the cap every 2 years; however, the cap has never been revised. Initial discussions
with stakeholders have indicated resistance from the government due to the perception
of high expatriate costs. IPA, SKK Migas and BKF will be jointly organizing a Focus
Group Discussion to deliberate on the proposed amendments, slated at the end of
2023 or early 2024.
Domestic Gas Price Policy. In collaboration with the LNG & Gas Committee as lead,
we advocate a revision of the domestic gas price policy to align with realistic project
economics. We suggest subsidies be given to downstream (gas users) entities,
bypassing the gas sales system including contractors’ gas. In 2023 the team used
several networking opportunities to further IPA’s advocacy at different levels in
ministries, legislators and regulators, and this work is on-going.
III. MEMBERSHIP
We have re-organized the Committee structure to assign diverse members in the 3 sub
committees. In a collaborative setting, knowledge exchange has been promoted, and
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regular updates have been facilitated within the group. Face-to-face meetings have
been frequently organized with team members and government officials, where specific
issues were addressed to establish a consensus on actionable points.
IV. 2024 LOOK AHEAD
In 2024 we will continue to work on the on-going issues to improve Indonesia’s fiscal
competitiveness and support the strategy on Energy Transition which we see as
accelerating after the publication of the White Paper.
An important part of advocacy is stakeholder education, and we plan to encourage

speakers from both industry and government at events such as the Convex and FGD,
as well as papers on Commercial and Tax subjects.
Page 58 of 82
SECTION 11
HUMAN RESOURCES COMMITTEE
AND
2024 LOOK AHEAD
CHAIRPERSON
Pantja Widdarini
(PC Ketapang II Ltd)
Page 59 of 82
HUMAN RESOURCES COMMITTEE
The Committee provides a forum to discuss, interpret, clarify, and communicate all issues
related to Human Resources and Industrial Relations in the oil and gas industry. It represents
IPA in advocacy to government institutions or other associations at all levels in collaboration
with other IPA Committees.
Chairperson Pantja Widdarini PETRONAS CARIGALI MURIAH LTD.
Vice Chairperson Kurnia Mariani SCHLUMBERGER INDONESIA
Secretary Adhi Mugiardi INPEX MASELA LTD.
Members Andi Prasetianto HARBOUR ENERGY
Widiati Wageono ENI INDONESIA
Dencio Boele PETROCHINA
Elma Tyasanti MEDCO ENERGI
Rizka Emilia PT CHEVRON PACIFIC INDONESIA
Wisnu Prasedyoko HCML INDONESIA
Linda PHE
Budi Mumandari BP
Aryoko Dwinanto EXXON MOBIL
Yohana Florence REPSOL
II. 2023 WORK PROGRAMS
In 2023 the committee has focused on the advocacy of HR issues related to two key
subjects, energy transition and expat remuneration.
Energy Transition
In collaboration with the Energy Transition Committee, discussions with stakeholders
have focused on the need to leverage and prepare professional competencies in a new
energy era. The IPA 2023 Convex opened with a CEO Industry Outlook on “Navigating
the energy trilemma (Energy Security, Sustainability and Affordability)” with a lot of
audience participation. This topical subject was continued when HRC held a panel
discussion of IPA practitioners with students and young professionals. The message
was that the Oil & Gas industry still requires talent in G&G and engineering to
accelerate energy transition.
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The Ministry of Energy and Mineral Resource (“ESDM”) conducted a Human Capital
Summit in March 2023, with the topic on “Human Capital Dev towards Net Zero
Emission in 2060”, attended by many companies in the Oil & Gas industry both
upstream and downstream. It provided the impetus to align government, investors, and
educational institutions in support of the energy transition agenda and for HRC to start
discussion on implementation issues such as compensation.
Minister of Finance Regulation 258 (“PMK 258”)

This 2011 regulation of the Finance Ministry puts a cap on expatriates’ salary and
benefit. The provision of a review of the cap every 2 years has not been followed, and
IPA’s advocacy has continued over the years. We are in collaboration with the Finance
& Tax committee. Initial discussions with stakeholders have indicated resistance from
the government due to the perception of high expatriate costs. HRC is spending
renewed efforts in collecting regional comparison data and organizing a Focus Group
Discussion between IPA, SKK MIGAS and Fiscal Policy Agency (“BKF”) in 2024.
III. MEMBERSHIP
Members of the Committee are regular participants in SKK Migas’ organized periodic
meetings of the HR community, the so-called Nusa Indah group, which besides
knowledge sharing provides interaction with our direct stakeholders.
IV. 2024 LOOK AHEAD
We will continue with the engagements on Energy Transition by knowledge sharing

sessions. In early 2024 we will organize a talk to bring together IPA member companies
to check on the overall alignment of HR efforts in energy transition.
A more grounded strategy plan for PMK 258 should also include multi-level
engagements with targeted stakeholders. A Focus Group Discussion with SKK MIGAS
and the Ministry of Finance is in the plan.
“Change of Mindset”, a workshop held in 2022, will be extended in 2024, and

knowledge sharing on advocacy skills will be part of members’ continuing education
programs.
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SECTION 12
LNG & GAS COMMITTEE
AND
2024 LOOK AHEAD
CHAIRPERSON
Joe Frizal
(HUSKY ENERGY INTERNATIONAL CORP.)
Page 62 of 82
LNG & GAS COMMITTEE
The Committee is tasked with the advocacy of LNG & Gas technical, economic, and
regulatory aspects in support of investments and the commercial development of gas
projects in Indonesia. It keeps abreast of legal and regulatory frameworks and champions
LNG & Gas issues in liaising with regulatory authorities.
Chairperson Joe Frizal HUSKY ENERGY INTERNATIONAL CORP.
Vice Chairperson Teresita Listyani REPSOL
Secretary Fenny Lautan MEDCO ENERGI
Members Irawati Hartojo BP BERAU LTD.
Noritsugu Ishikawa INPEX
Salmar Ngadikan MEDCO ENERGI
Mutia R. Djafaar PERTAMINA
Ricky A. Syarif HARBOUR ENERGY
Gana Pradana GENTING OIL
Peter Wijaya STAR ENERGY
Marusaha L. Gaol INPEX
Rizqi Darsono SUGIH ENERGY
Aris Munandar KANGEAN ENERGY
Lita Liana PERTAMINA HULU ENERGI
Erica Listiani MEDCO ENERGI
Zaki Zulqornain MEDCO ENERGI
Reza Sunarya MANDALA ENERGY
Gadang Marpaung MEDCO ENERGI
Prodia Kemala HCML
Maeritta Putri BP BERAU LTD.
Danial Murtadho MUBADALA ENERGY
Dwiya S. Paramartha ENI MUARA BAKAU B.V.
Rony Maulana REPSOL SAKAKEMANG B.V.
In 2023 the Committee has focused on advocating the need to support the commercial
development of gas as a transitional fuel. We took part in the following initiatives:
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a) We have engaged with key stakeholders in the gas business such as SKK Migas,
the Oil & Gas Directorate in the Ministry of Energy and Mineral Resources
(“MIGAS”), the Ministry of National Development Planning (“Bappenas”), the
Indonesian Gas Association (“IGA”), the Indonesian Gas Society (“IGS”) and other
Government and non-Government stakeholders such as Pertamina University and
consultants engaged by the Government.
The theme of the discussions has been to promote gas utilization in the energy
transition era and seek clarity of roadmaps for supporting government effort to
reduce emission and have 12 BCFD gas deliveries by 2030.
Two key issues are:

1. A National Energy Policy (“KEN”) study which indicated gas export
restrictions in 2035, while future LNG development will need access to export
market to maintain project economics.
2. unclear gas policies that seek to optimize gas for domestic use and plan to
displace gas power plants with renewables/nuclear as Indonesia’s future
cleaner energy sources.
b) We continue to monitor and evaluate the Government’s policies regarding

domestic gas prices and the process to “force” a price cap. The discussions with
SKK Migas and MIGAS touched on the ministerial regulations such as KEPMEN
no: 118.K/MG.04/MEM.M/2021 and KEPMEN ESDM no.
91.K/MG.01/MEM.M/2023 that control gas price and the projected national gas
demand-supply that will underpin gas price decisions. The industry’s views on gas
price policy have been communicated, explained, and justified. At the 2023
Convex we arranged for a cross-institutional discussion among Upstream and
Downstream players, Ministry of ESDM, Ministry of Finance, Tax, etc. on gas price
policy. The issue is that a gas cap price is clearly the current prevailing policy and
forcing a cap on price without incentives will erode value to upstream and impact
its investment decisions.
c) We provided support and collaborated with other IPA Committees such as the
Regulatory Affairs and the Energy Transition in the overall advocacy efforts for the
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upstream gas business, such as the Draft Oil & Gas Law and the CCS/CCUS Draft
Presidential Regulation.
d) The IPA Wood Mackenzie White Paper highlighted the continued importance of
gas in the national energy mix and the importance of domestic gas prices to attract
investment. The Committee was actively involved in providing input, data, and
context for the national gas story.
Continue the 2023 advocacy work underlined by White Paper conclusions.
IV. KEY MESSAGES
1. The Government needs to impose a domestic gas price policy which can
support commercial development of gas projects and attract significant
investment.
a. The existing price policy imposes a challenge because each field will have
its own specific technical requirement to be commercially developed,
therefore will have different need for price level to support its economics,
particularly also to address potential additional costs to manage the CO2
emission to align with the Net Zero Emission target.
b. IPA in general is in support of the Government’s intent to develop local
industries, however such intent should be conducted in a way which may
not reduce or cap the value and discourage commercial development of
gas potentials in the country.
c. As a general approach with lesser impact to investment in upstream oil
and gas industry, IPA will continue to advocate direct subsidy to
industries, instead of continuation of regulated gas price.
d. The applicable price should be able to serve both Seller and Buyer’s need
with the principle of fairness, e.g.: the price formula should contain a
sharing of the upside/downside for both Seller and Buyer.
e. For gas price with price formula indexed to commodity price, the regulated
price (“Kepmen price”) should also have a formula with the same
indexation to narrow the gap between the original contract price and the
regulated price, to anticipate increased commodity price and sufficiency
of government’s take to pay the contractor’s take.
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f. For new or amendments to the price cap regulation, IPA will request
Government to involve the impacted Contractor(s) and IPA during the
discussion and assessment of the regulation prior to its issuance, to
identify and mitigate potential issues in its implementation.
2. With the upward trend of global energy prices, a right balance is also still
needed between volumes allocated for domestic gas demand fulfilment and
export policy, which is encouraging for investment and fair to all stakeholders.
3. Improvement of gas infrastructures is needed, particularly in Java to make Java

and Sumatra one single big gas market with gas flowing easily for customers
and in frontier areas in Eastern Indonesia, to unlock the value of the gas where
most of gas resources are in Eastern Indonesia while the majority of gas
consumers are in Sumatra and Java.
4. The right policies/incentives will need to be in place to support the

implementation of CCS/CCUS as a technology to reduce CO2 emission, while
maintaining gas production.
5. If gas is indeed positioned to be Indonesia’s transitional fuel, a coherent policy

for the use of gas in the energy system along the energy transition roadmap is
needed to optimize the expected 12 BCFD gas production in 2030 to have a
place in the market.
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SECTION 13
PROFESSIONAL DIVISION COMMITTEE
AND
2024 LOOK AHEAD
CHAIRPERSON
Leonardus Tjahjadi
(BP Berau Ltd.)
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PROFESSIONAL DIVISION COMMITTEE
I. COMMITTEE MISSION
• Focus in promoting and facilitating the transfer of technical knowledge in the

upstream oil and gas activities, including new methodology, techniques, and
initiatives in Indonesia. The target recipients of our programs are the
Professional Division members of IPA as well as oil and gas professionals in
general.
• Contribute to building the knowledge capability and capacity of our members

through training courses, luncheon talks, field trips, scientific publications, and
support of student activities.
• Provide direct support in the technical program of the annual IPA Convention
and Exhibition.
• Promote IPA papers in the global professional community through collaboration

with other regional/international associations.
II. COMMITTEE MEMBERS

Chairperson Leonardus Tjahjadi BP INDONESIA
Advisor Ron Noble PT AGRA ENERGI INDONESIA
Secretary Anna Sulistiyaningsih IPA
Members Albertus Pradipta BP INDONESIA
Ferri Anantokusumo MEDCO E&P INDONESIA
Rita Achdiat MEDCO E&P INDONESIA
Andy Livsey HORIZON
Redo Waworuntu MEDCO E&P NATUNA
Dewi Sinchia PERTAMINA HULU ENERGI
Dyah Woelandari PERTAMINA HULU ENERGI
Jerry Tobing PETRONAS
Freddy RH PETROGAS
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III. 2023 ACTIVITIES REPORT
The Professional Division in 2023 continues to serve its members particularly in the
area of continuing education.
Eight technical courses were planned and offered with topics on G&G and engineering.
Unfortunately, very few participants signed up and the courses were either cancelled
or delayed to 2024. Talks were more popular, with 20-25 members typically attending
the 4 events organized.
In contrast with courses which require a significant time and budget investment and
focus on individual learning, talks draw a larger audience interested in staying updated
on industry trends besides taking advantage of the networking opportunities. In 2024
we will strive to keep a balance between courses and talks with topics relevant to
current industry state. As speakers and lecturers are asked to commit time and effort,
IPA members in turn should be encouraged and asked to send their staff to attend.
There is a 10% membership increase compared to last year comprising of new student
members as well as individuals. Quarterly e-newsletters provide information on
programs and benefits of membership.
The plan to prepare a Seismic Atlas of Indonesian Basins remains on the drawing
board. This is a major undertaking that requires a significant amount of funding and
dedicated time and effort from appointed members. There is great interest from
companies in the final product, and in 2024 we will need to galvanize sufficient and
appropriate members to commit to its development and production.
The Professional Division contributes to IPA net revenue through memberships,

courses, and publications sales. In 2023 the surplus is estimated at IDR 534 million.
Continuing Education Sub-Committee
Talks from IPA always draw a large audience, however continuing education courses
in 2023 have received scant interest. Even pre- and post-convex courses, usually quite
popular, have had to be cancelled because of few registrations. A list of the courses
offered, and the talks concluded is in Appendix A.
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Membership Sub-Committee
The Professional Division Membership in 2023 is currently at 597, an increase of 10%

year-on-year. The increase comes from student members and members in Jakarta.
The number of student members (21% of the total) is encouraging and bodes well for
participation and support in big events such as the Convex. Membership outside
Jakarta remains small with potential to increase by the Professional Division having a
strong and visible online presence. For example, new members can register online and
virtual courses in the past have attracted members from other areas.
Publications Sub-Committee
The Publications sub-committee has continued to assist in generating revenue from

the technical publications of the IPA.
A further 98 titles from the 2023 Convention Proceedings have been indexed and
added to IPA’s publication portfolio, which now numbers 5008 articles. Through the on-
going cooperation with other international/regional professional associations, IPA
papers are now available to download for a fee through the portals of AAPG
DATAPAGES. This has increased IPA visibility and credentials.
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A significant upgrade to the IPA Publications articles on the website has been
completed with members granted access to the full publications archive.
No progress has been made on the Seismic Atlas of Indonesian Basins project, but it
remains on our list of things to do in 2024.
Student Activities Liaison
The Professional Division views engagement with Students as essential to our mission.
In 2023 student activities were mainly in their participation of IPA 2023 Convex. For
2024, a more active approach such as visits to campus will need a budget and
volunteers.
IV. 2023 FINANCIALS
The main contributors to the surplus financial of IDR 410 million (as of October 2023)
were the publications (71%) and the membership fees (27%) with the balance from the
luncheon talks (2%). The 2023 surplus is 23% lower than 2022 in the same period,
reflecting the absence of short courses and field trips in the year. As they are key
activities in our mission to serve members, they will continue to be offered in 2024, with
the caveat of support from member companies to send participants. We are
encouraged by the continued strong contribution from publications.
PROFESSIONAL DIVISION
2023 Financials. YTD October and LE
In million IDR
31-Oct-23 Dec 31, 2023
Activities Revenue Expenditure Surplus (Deficit) LE Surplus (Deficit)
Short Courses - - - -
Field Trips - - - -
Luncheon Talks 31.573.068 25.605.023 5.968.045 8.368.045
Symposium - - - -
Individual Memberships 111.799.568 - 111.799.568 113.549.568
Workshop - - - -
Publications & Others 310.542.265 18.302.702 292.239.563 412.287.107
Total 453.914.901 43.907.725 410.007.176 534.204.720
V. 2024 LOOK AHEAD
– Continuing Education: 5 Regular and Courses online or offline, 5 Talks offline

and 1 Field Trip.
Page 71 of 82
– Membership: Tailor value proposition to areas outside Jakarta and to smaller
independent national companies; strengthen online presence and offering.
– Publications: Increase presence in more association portals, including with
regional associations in ASEAN; continuous improvement of Website.
– Student Activity: university visits for short courses and talks; promote student
participation and volunteering in events such as the 2024 Convex.
Page 72 of 82
LIST OF COURSES AND TALKS IN 2023
No. Date Activies Titles INSTRUCTOR Number of
IPA COURSES and WORKSHOP Participant
Applications of Geostatistical Inversion for

Monday, 24 July 2023 postpone to next
1 Detailed Reservoir Characterization Awal Mandong - Geosoftware 2
(Pre Convention Course) year
(Flyer)
Improving Stratigraphic Resolution in

Monday, 24 July 2023
2 Indonesia using the method of Sequence Robert J. Morely - Polynova 3 Cancelled
(Pre Convention Course)
Biostratigraphy (Click here for flyer)
Amitava Ghosh, M.Sc, M.Tech.

Tuesday - Thursday Fundamental of Pore Pressure Prediction &
APAC Region Lead – Geomechanics postpone to next
3 1-3 August 2023 Practical Drilling Geomechanics (Click here for 3
Baker Hughes | Reservoir Technical year
(Post IPA Convention) Flyer)
Services (RTS)
Production Enhancement Best Practices :
Tuesday - Thursday Christopher Harper
Evaluation of Formation Damage and postpone to next
4 1-3 August 2023 Global Production Chemistry Advisor 3
Opportunity for Production Optimization (Click year
(Post IPA Convention) Baker Hughes
here for flyer)
1. Awang H. Satyana
Thursday - Friday, Seismic Workshop : Date with Seismic (Click 2. Benyamin Sapiie
5 5 Cancelled
5-6 October 2023 here for Flyer) 3. I Wayan Ardyana
4. Kuntadi Nugrahanto
“Resource and Reserve Assessment a
Geological Perspective and
Monday - Tuesday, Postpone to next
6 Critical Aspects to Identify Uncertainties in Bob Shoup (SCA) & Arya Disiyona 2
6-7 November 2023 year
Reserves Estimation for
Development Planning”
Wednesday - Friday Postpone to next

7 Mapping and Interpreting Clastic Reservoirs Bob Shoup (SCA) 2
8-9 Nov 2023 year
See Hong Ong, Ph. D.

Tuesday - Thursday Drilling Geomechanics - Principles and Best Global Geomechanics Advisor postpone to next
8 3
28-30 Nov 2023 Practices Baker Hughes I Reservoir Technical year
Services (RTS)
No. Date Activies Titles SPEAKERS Number of

TALKS Participant
Exploring prospectivity across Indonesia with

1 3 March 2023 Dr. Colm A.Murphy - Bell Geospace 21 done
FTG Gravity
Aphron Microbubble System – An Alternative M Solehuddin B A Razak,

2 Friday, 9 June 2022 25 done
in Combating Severe Loss Circulation PETRONAS Principal Fluids Engineer
Environmentally Friendly Geopolymer Cement -

Mr. Avinash Kishore Kumar
3 Friday, 13 October 2023 CO2 Resistance Cement, the future of CCS & 20 done
Senior Manager - PETRONAS
Carbon Footprint Reduction
Carbon Management for Oil and Gas

4 TBA, November 2023 Peter Cockcroft - Consultant
Companies
Page 73 of 82
SECTION 14
REGULATORY AFFAIRS COMMITTEE
AND
2024 LOOK AHEAD
CHAIRPERSON
Ali Nasir
(Harbour Energy Indonesia)
Page 74 of 82
REGULATORY AFFAIRS COMMITTEE
The Regulatory Affairs Committee (RAC) is tasked with advocating, developing, and
overseeing issues related to regulations, standards and government laws and policies that
promote the interests of the IPA specifically and the Oil & Gas industry generally.
Chairperson Ali Nasir HARBOUR ENERGY
Vice Chairperson Hardi Hanafiah BP BERAU LTD.
Members Deny Rijadi BP BERAU LTD.
Debbie Maja Chastity CHEVRON
Rocky N. Pasaribu ENI MUARA BAKAU B.V.
Heike Butar Butar ENI MUARA BAKAU B.V.
Martantyo Adhi Eko ENI MUARA BAKAU B.V.
Kiersten Korczynski EXXONMOBIL CEPU LTD.
Dewita Tambunan EXXONMOBIL CEPU LTD.
Mochammad Ady P. GENTING OIL
Hatmanto Biman GENTING OIL
Marlina Tambunan HARBOUR ENERGY
Wahyudin Sunarya HCML
Prana Raditya INPEX MASELA LTD.
Iman Suseno MEDCO E&P INDONESIA
Noki L. Saefullah MEDCO E&P INDONESIA
Trinzky Ginting MUBADALA ENERGY
Dea Merissa MUBADALA ENERGY
Damayanti Rini PETRONAS
Dewi Mayang Sari REPSOL SAKAKEMANG B.V.
Rusandi Neno PHE
Prasetyo Bayu PHE
Asido Parulian TRIANGLE ENERGY
Esti Wulansari DONGGI SENORO LNG
Dhanny Jauhar GHP
Daniel Kohar PWC
Fitriana Mahidin SSEK
Syahdan Zainoel SSEK
Page 75 of 82
In 2023 the IPA Board tasked the RAC to focus in promoting the right fiscal policy and
contract sanctity to boost Oil & Gas investment.
Progress in Regulatory Issues
The RAC takes the lead in the advocacy of 2 crucial issues: the Draft Oil & Gas Law
and the Revisions to the Ministerial Regulation on the Gross Split Production Sharing
Contract. In such matters continuous engagement is vital and throughout the year we
have participated in many meetings, discussions, and focus groups with stakeholders
and high-level officials in the Parliamentary Commission VII (“DPR Komisi VII”), the
Legislative Body, the PKB party fraction, SKK MIGAS and the office of the Director
General of the Ministry of Energy and Mineral Resource (“ESDM”)
Draft Oil and Gas Law
Following a hearing session with DPR in February, IPA in April officially wrote to them,
providing its view and line item-by-item input to the Draft Oil & Gas Law. A meeting in
September in Bali with the Chair and Head of Draft Oil & Gas Law Task Force of DPR
Komisi VII further solidified IPA’s fundamental inputs to the Government concerning
Ring Fencing, reinstatement of Assume & Discharge, offer of Indonesian Participant
10% to Local Government-Owned Enterprise, Contractor’s right to export, minimizing
criminalization, and other transitional articles. Line items were discussed, and some
were agreed by the DPR Komisi VII. The Draft Law is now with DPR Komisi VII to be
proposed to Parliament (currently in recess) and further to the Government for
consultation. The Government’s issuance of a DIM (Daftar Inventarisasi Masalah), a
list of open issues, will provide IPA with yet a future opportunity to champion remaining
items. Ratification of the draft into law is expected to be delayed into 2024.
Revision To Regulation No.8/2017 On Gross Split Psc
The Gross Split PSC has not generated much interest from industry players and IPA
has provided input on 7 main items that would be conducive to attract investors. They
are:
1. A biddable Base Split;

2. The availability of Infrastructure as a variable component;
Page 76 of 82
3. The implementation of CCS/CCUS as a variable component;
4. The independent procurement of goods and services, including manpower;
5. The flexibility to switch to a new Gross Split regime;
6. The flexibility over asset lease; and
7. The reinstatement of assume and discharge principle.
RAC actively participated in any discussion on this subject and a draft revision was
specifically discussed with the ESDM Directorate General. The latest draft seen in
September has already addressed issues #2, #4, #5, and partial inclusion of issue #3.
Issues #6 and #7 have been tabled and issue #1 was not accepted.
Simplification Of Permitting
The ESDM Ministry is leading an intra-ministerial task force to address and resolve
challenges in order to simplify and streamline permits in upstream Oil & Gas. A draft
Presidential Regulation is under discussion, but no substantial progress has been
made in 2023.
Other Regulatory Issues
The RAC supports other committees in the advocacy of their respective regulatory
issues:
a. Carbon Trading advocacy led by the Energy Transition Committee

b. Advocacy in the draft Ministerial Regulation on CCS/ CCUS led by the Energy
Transition Committee. The regulation was enacted and completed in March.
c. The Revision of Government Regulation 27/2017 and Government Regulation
53/2017 led by the Finance & Tax Committee. RAC assisted F&T in providing
compelling reasons and legal arguments to justify IPA’s proposal.
d. DHE led by the Finance & Tax Committee: the new Presidential Regulation is
not aligned with PSC Contract; RAC are supporting in formulating
communication and attending meetings.
III. MEMBERSHIP
The RAC has one of the largest memberships, in line with managing the multitude of
stakeholders involved in regulatory work. Regular updates have been facilitated within
the group. The Luncheon Talk this year was delivered by the Baker Botts Energy Team
with the topic: CCS & CCUS and Carbon Credit, Indonesia Update on 2 November.
Page 77 of 82
IV. 2024 LOOK AHEAD
Next year will be challenging for the RAC activities in view of the national election in
February 2024.
1. Draft Oil and Gas Law: continue to monitor progress within Government and to
marshal activities.
2. Gross Split PSC: resolution/ accommodation of open issues or further
implementing regulation, if required.
3. Regulation for limited PSC extension to unlock marginal resources/ fields.
4. Simplification of land acquisition for oil and gas activities
5. Draft Presidential Regulation on CCS/CCUS
6. Support to IPA Board and IPA committees: in response to new and changing laws
and regulations.
7. Committee membership: strengthen and encourage diverse participation.
Page 78 of 82
SECTION 15
SUPPLY CHAIN MANAGEMENT COMMITTEE
AND
2024 LOOK AHEAD
CHAIRPERSON
Fery Sarjana
(PC Ketapang II Ltd.)
Page 79 of 82
SUPPLY CHAIN MANAGEMENT COMMITTEE
The Supply Chain Management Committee advocates the industry’s continuous

improvement initiatives to enhance processes, reduce costs, and increase overall supply
chain efficiency. It facilitates communication and collaborates with government stakeholders
and external partners in the supply chain.
Chairperson Fery Sarjana PETRONAS
Vice Chairperson Herry Luthfi HARBOUR ENERGY
Secretary Listiani Dewi HCML
Members Arif Batubara SAKA ENERGI
James Tehubijuluw BP BERAU LTD.
Teddy Wahyu R. ENI MUARA BAKAU B.V.
Peni Kusumawati HUSKY ENERGY
Bongbongan T. PHE
Lily Sastriyanti HCML
Lia Latifah REPSOL
Iwan Kristiantono ENERGI MEGA PERSADA
Darmawan W. KEI
Kenneth Gunawan MEDCO E&P INDONESIA
Andreas Kuswardono MUBADALA
Gusminar PETROCHINA
Jaya Citra EXXONMOBIL INDONESIA
Yudi Pringadi STAR ENERGY
Muhammad Nuryoso GENTING OIL
Stakeholder Engagement
The intent of engagement is to update and give feedback on current / draft regulations
and procedure with an outcome of improvements on business processes to be more
effective and efficient.
Page 80 of 82
Advocacy On Regulations
A key activity has been to provide input and take part in discussions with SKK Migas
on the Revision to PTK 007. Book 3 (Asset Management) and Book 4 (Customs
Management) were completed in January, Book 2 (Procurement Management) in May.
Meetings with the Ministry of Energy and Mineral Resource (“ESDM”) Directorate
General of Oil & Gas discussed the Master List and issues such as the import of OCTG.
We held a workshop to explain IPA’s position and the request for special dispensation
from Presidential Regulation No. 28/2021.
Engagements were also held with the Centre for the Management of Government
Assets (“PPBM”) under ESDM, and the Directorate General of State Wealth (“DJKN”))
under the Finance Ministry regarding material transfer between PSCs. Our input has
been heard and there is informal agreement for implementation of revisions to
PMK140/2020.
Market Capability Update
We keep up with firsthand updates on market capabilities from industry segments, to

better understand the situation on commodities for improved sourcing plans and
implementation.
We network with other industry associations such as the Indonesian Drilling

Association (“APMI”); the International Association of Drilling Contractors (“IADC”); the
Association of Indonesian Supply Chain Management Professionals (“APPI”) to
discuss SCM competency; the Korean Chamber of Commerce; and the Group of
Indonesian Construction Companies (“Gapuri”).
We brought SKK Migas in our review of market mapping and market data to make the
case for revised AFEs. The price formula to guard against price fluctuations has been
included in PTK007.
Coordination with SKK Migas for Strategic Supply Alignment
This is to address better planning and effective and efficient contracting strategy with
the outcome of Long-Term Demand Planning based on KKKS Cluster and Goods or
Services Categories. SKK Migas completed the Long-Term Demand 2022-2025, and
we will continue to monitor the plan with the appropriate division in SKK Migas.
Page 81 of 82
III. SCM REGENERATION
This is to socialize SCM as an integral part in the Oil & Gas industry and as a career
choice. We were invited to talk at an event by SPE (Society of Petroleum Engineers),
and at universities ITS & UGM in May and July 2023 about Leading Effective Teams
and Awareness of SCM in Oil & Gas.
We participated in the 2023 Convex where we networked with students and young
professionals.
IV. 2024 LOOK AHEAD
– Routine engagements with stakeholders at the implementation level.

– Advocacy on issues regarding asset dispensation and write off, an effort led by
the ESDM Special Ministerial staff.
– Membership regeneration and knowledge sharing with members and students.
Page 82 of 82
COMPANY MEMBERS
No. Company Representative Title

1 BP Berau Ltd. Mrs. Kathy Wu President
2 Chevron Rapak Ltd. Mr. Wahyu Budiarto President
3 CITIC Seram Energy Limited Mr. Deng Yuanzhong President
4 Conrad Asia Energy Ltd. Mr. Egbert M. Siagian General Manager
5 Energi Mega Persada Tbk., PT. Mr. Syailendra S. Bakrie CEO & President Director
6 Eni Muara Bakau B.V. Mr. Roberto Daniele Managing Director
7 ExxonMobil Cepu Ltd. Mrs. Carole J. Gall President
8 Genting Oil Kasuri Pte. Ltd. Mr. Ngakan Nurcahya General Manager
9 Harbour Energy Indonesia Mr. Steven Cox President
10 Harpindo Mitra Kharisma, PT. Mr. Xinghua Huang General Manager

Husky Energy International
11 Mr. Kevin S. Moore Chief Representative
Corporation
Husky-CNOOC Madura Limited
12 Mr. Kang An General Manager
(HCML)
13 INPEX Masela Ltd. Mr. Kazuya Honda Executive Director
14 JAPEX Co., Ltd. Mr. Taro Kumagae Chief Representative

Kangean Energy Indonesia
15 Mr. Didi Basuki President
Limited
16 KrisEnergy (Satria) Ltd. Mr. Kusmutarto Basuki General Manager
17 Medco E&P Indonesia, PT. Mr. Ronald Gunawan President Director
18 Mubadala Energy Mr. Abdulla Bu Ali President Director Indonesia

Overseas Petroleum &
Mr. Hsien Peng Sung
19 Investment Corp. (OPIC) Chief Representative
(Alex)
Indonesia
Director of Development &
20 Pertamina Hulu Energi, PT. Mr. Awang Lazuardi
Production
PetroChina International
21 Mr. Qian Mingyang President Director
Jabung Ltd.
PETRONAS Carigali Ketapang II President Director & Country
22 Mr. Yuzaini Bin Md Yusof
Ltd. (PC Ketapang II Ltd.) Head
23 PTTEP Indonesia Mr. Grinchai Hattagam General Manager
24 Repsol SakaKemang B.V. Mr. Greg Holman General Manager

25 SAKA Energi Indonesia, PT. Mr. Medy Kurniawan President Director
26 Semeru Energy Limited Mr. Jeff Steketee CEO

President Director & Country
27 Shell Indonesia, PT. Mrs. Ingrid Siburian
Chair
SIPC Indonesia
28 Mr. Qin Shenggao Chief Representative
(Sinopec Indonesia)
29 Star Energy (Kakap) Ltd. Mr. Yusuf H. Rachmantio President & CEO
30 Texcal Energy Mahato Inc. Mr. Wisnu Rizkiawan VP Commercial & GovRel.
31 Triangle Pase Inc. Ms. Ervina Indriyaningsih Act. General Manager

ASSOCIATE MEMBERS
No. Company Representative Title
1 Abhitech Matra Indah, PT. Mr. Dennis Karnadi Director
2 Altus Logistics Services Indonesia PT. Mr. Indra Angelo President Director
3 Apexindo Pratama Duta Tbk., PT. Mr. Zainal Abidinsyah Siregar President Director
Mr. M. Arnold Director
4 AsiaServ Indonesia, PT.
Mr. Jack Calcote Chairman
5 Badak LNG, PT. Mr. Gema Iriandus Pahalawan President Director
6 Baker Hughes, a GE Company Mr. Suresh Sinnapu President Director
7 BGP Indonesia, PT. Mr. Zhang Haitao President Director

Sales & Marketing Sr.
8 Binder Indonesia, PT. Ms. Endah
Manager
9 BMT Asia Indonesia, PT. Mr. Johnny Tjea President Director
10 Bureau Veritas Indonesia, PT. Mr. Didie B. Tedjosumirat Director

Business Development
11 Bredero Shaw Indonesia, PT. Mr. Shawn Lim & Marketing Analyst
Pipeline Performance
12 Cameron Systems, PT. Mr. R. Rinno Piskessa Regional Director
13 CARSURIN, PT. Ms. Sheila Maria Tiwan President Director / CEO
14 CGG Services Indonesia, PT. Ms. Tenny Yoan President Director

China Petroleum Technology &
15 Mr. Yang Xiao
Development Corporation
16 Citra Tubindo Tbk., PT. Mr. Anom Khalis SAPUTRA Government Relations
17 Citrabuana Indoloka, PT. Mr. Taufik Hidayat Director
18 Corelab Indonesia, PT. Mr. Kristanto Himawan Operations Manager

Head of Section Oil &
19 Denvegraha (DNV GL), PT. Mr. Dedi Murdiadi
Gas
Diamond Gas Management
20 Mr. Shinichi Fukuda
Indonesia, PT.
Corporate Affairs
21 Donggi-Senoro LNG, PT. Mr. Drajat Iman Panjawi
Director
22 EagleBurgmann Indonesia, PT. Mr. Soebagio Soegiharto General Manager
23 Energy Logistic, PT. Mr. Antonio El Baty Country Ops. Manager

Ms. Arryati Ramadhani Principal Consultant –
24 ERM Indonesia, PT. Impact Assessment and
Mr. Steve Duckworth Planning
25 Exlog Sarana Indonesia, PT. Mr. Wimborn M. Hutapea Director
26 Fugro Indonesia, PT. Mr. Agus Wiryawan Country Manager

Business & Market
27 Future Pipe Industries, PT. Mr. Suta Setasena
Development Manager
28 Geolog Indonesia, PT. Mr. Adel Gasmi Director
29 Geoservices, PT. Mr. Peter A. Pramana Director

Mr. Harry Lopez President Director
30 Halliburton Indonesia, PT.
Mr. Ankush Bhalla Business Dev. Manager
31 Hitek Nusantara Offshore Drilling, PT. Mr. Kamil President Director
32 Horizon Geoconsulting, PT. Mr. Andy Livsey Technical Director
33 IADC Southeast Asia Chapter Mr. Chit Hlaing
34 IKM Subsea Indonesia, PT. Mr. Husnul Furqon Business Dev. Manager
35 Imeco Inter Sarana, PT. Mr. Sarwi H. Notoatmodjo Director
36 Institut Sains & Teknologi AKPRIND Ms. Sri Mulyaningsih
37 Institute of Technology Bandung Mr. Hendra Grandis
38 Institute of Technology Medan Mr. Gustam Lubis

Institute of Technology Sepuluh
39 Mr. A. Syaeful Bahri
Nopember
40 Integrated Petroleum Services, PT. Mr. Abdul Halim Abdul Hamid President Director
President Director –
41 Intertek Utama Services, PT. Mr. Jose Richard Gamo
South Asia
42 Islamic University of Riau Ms. Ira Herawati
43 Jakarta Tank Terminal, PT. Mr. Hasbi Lubis
44 JGC Holdings Corporation Mr. Tanaka Hideaki Chief Representative
45 Kaliraya Sari, PT. Mr. Vincent Darja Managing Director

KAP Purwantono, Suherman & Surja- Indonesia Country
46 Mr. Peter Surja
EY Managing Partner
Head of R&D
Department
47 Korea Maritime & Ocean University Mr. Il-Hyung Cho Director of KIORCC
(Korea-Indonesia
Offshore Research
48 Korosi Specindo, PT. Mr. Baskifo Yulinardo Business Development
49 KPMG Advisory Indonesia Mr. Irwan Setiawan Partner
50 Lerindro International, PT. Mr. Andrew H. Suryadi President Director

Ms. Nur Ainani
51 Link Net Tbk., PT.
Mr. Yuda P. Iskandar
52 McDermott Indonesia, PT. Mr. Syahrial Bachtiar GA Manager
Partner, Dispute
53 Mishcon de Reya LLP Mr. Gavin Margetson
Resolution
54 Nusantara Indo Logistik Batam, PT. Mr. Deddy Nur Arfian Director
55 Perforindo Teknika Nusantara, PT. Mr. Indra Adji Country Manager

Petroprima Geo Service Nusantara,
56 Mr. Risman Setia Putra
PT.
57 BBPMGB LEMIGAS Mr. Ariana Soemanto Chairman
Precision Energy Services Indonesia
58 Ms. Mirana Ganettasari
PT.
59 PricewaterhouseCoopers Mr. Sacha Winzenried
60 PSHP Law Mr. Avinash A. Panjabi Partner

Ms. Karla Wauran
61 Pumpa Cakrawala Mulia, PT.
Ms. Asterid Febrianti
PPSDM MIGAS
62 (Pusat Pengembangan Sumber Daya Mr. Waskito Tunggul Nusanto Chairman
Manusia Migas)
Schlumberger Geophysics Nusantara,
63 Mr. Scott Cremin President Director
PT.
64 SGS Indonesia, PT. Mr. Deny Sitorus OGC Manager
Stainless Steel Primavalve
65 Mr. Mustoko Ali Sasongko General Manager
Majubersama, PT.
66 STTNAS Yogyakarta Mr. Sukartono
Ka. SBU Hulu Migas &
67 Sucofindo, PT. Mr. Ambar Prawidiyanto
Produk Migas
68 Supraco Indonesia, PT. Mr. Chrismon Djayadi
69 TD Energy Services, PT. Mr. Paul Colston President Director

Tenaris-Seamless Pipe Indonesia Jaya,
70 Mr. Pungky Hermawan Commercial Manager
PT.
President & General
71 Total Energies Mr. Arividya Noviyanto
Manager
72 Tripatra Engineering, PT. Mr. Raymond Naldi Rasfuldi CEO
73 University of Brawijaya Mr. Adi Susilo Commercial Manager
74 University of Diponegoro Mr. Reddy Setyawan
75 University of Gadjah Mada Mr. Sismanto
76 University of Hasanuddin Mr. Sabrianto Aswad
77 University of Indonesia Mr. Mahmud Sudibandriyo
78 University of Lambung Mangkurat Mr. Ibrahim Sota
79 University of Lampung Mr. Ordas Dewanto

University of London, The Royal
80 Dr. Amy Gough
Holloway
81 University of Padjadjaran Mr. Ildrem Syafri
82 University of Pakuan Mr. Agus Karmadi
83 University of Proklamasi 45 Mr. Wirawan W. Mandala
84 University of Sriwijaya Mr. Marwan Asof
85 University of Trisakti Mr. Agus Guntoro
86 UPN "Veteran" Mr. Agus Santoso
87 Widyawan & Partners Ms. Yolanda Hutapea Managing Partners
88 Wira Insani PT. (Weatherford) Ms. Mirana Ganettasari

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INDONESIAN PETROLEUM ASSOCIATION

President’s Report for 2023

2. KEY INDUSTRY ISSUES

2.1 Amendment to the Oil & Gas Law

Recommendations are specific on:

2.2 REVISION TO REGULATION NO.8/2017 ON GROSS SPLIT PSC

2.3 REGULATION OF CCS-CCUS

a. CCS Regulations, already addressed in the ESDM Ministerial Regulation No 2/2023;

2.4 IPA-WOOD MACKENZIE WHITE PAPER

The 60-page paper on “Achieving Resilience in the Energy Transition to Safeguard

2.5 IPA 2023 CONVEX

3.1 IPA Board Meetings

3.2 The IPA Planning and Strategy Meeting

Main Events (25-27 Jul 2023)

 3 Plenary Sessions, 3 Focus Discussions, 2 Special Topic and Association

 INDUSTRY CHALLENGE, titled "Attracting Capital for Indonesia O&G

 FOCUS DISCUSSION 1, titled "Balancing Interests of Upstream and

 EMERGING INDUSTRY CHALLENGE, titled "The Roles of CCS/CCUS in

 SPECIAL TOPICS, titled "Capture High Potential Untapped Resources and

 FOCUS DISCUSSION 3, titled "Recent Update and Industry Expectation on the

 THE ASSOCIATION PRESENTATION, titled "Oil and Gas Industry as the

 The Technical Presentation Committee presented 98 posters, oral presentations and

TRIHARYO INDRAWAN SOESILO Special Advisor to EMR Minister

2 VICE PRESIDENT GREGORY E. HOLMAN REPSOL SAKAKEMANG B.V.

3 VICE PRESIDENT KATHY WU BP BERAU LTD.

4 SECRETARY STEVEN COX HARBOUR ENERGY INDONESIA

5 TREASURER KEVIN S. MOORE HUSKY ENERGY INTERNATIONAL CORP.

6 DIRECTOR SYAILENDRA S. BAKRIE ENERGI MEGA PERSADA TBK., PT

7 DIRECTOR ROBERTO DANIELE ENI MUARA BAKAU B.V.

8 DIRECTOR CAROLE J. GALL EXXONMOBIL CEPU LTD.

9 DIRECTOR RONALD GUNAWAN MEDCO E&P INDONESIA, PT.

10 DIRECTOR ABDULLA BU ALI MUBADALA ENERGY

12 DIRECTOR AWANG LAZUARDI PERTAMINA HULU ENERGI, PT.

13 DIRECTOR MEDY KURNIAWAN SAKA ENERGI INDONESIA, PT.

3.5 SKK MIGAS conducted “The 4th International Convention on Indonesian

3.6 Personnel Changes in the 2023 IPA BOARD MEMBERS

a. September: From 4th September the representative of PT. Saka Energi

3 March 2023: “Exploring prospectivity across Indonesia with FTG Gravity”

13 October 2023: “Environmentally Friendly Geopolymer Cement CO2

For Year 2022 and Highlights 2023

For Year 2022

Financial Highlights 2023

Revenues 8.715 9.269 554

Expenses 10.009 9.169 (840)

Operating Surplus / (Deficit) (1.294) 100 1.394

Corporate Income Tax (CIT) - - -

Net Surplus/(Deficit) After CIT (1.294) 100 1.394

Operating Surplus/ (Deficit) before Corporate Income Tax (1.294)

Allowance for impairment losses -

Balance per December 31 , 2022 6.156

Notes : * ) - Account Receivables and Prepayments 2.530

Company and Associate Company Dues 5.358 5.836 (478)

Professional Division Revenues 678 963 (285)

Bank Interest, Other 179 200 (21)

Convention Surplus 2.500 2.270 230

8.715 9.269 -554

Professional Division Committee 126 143 (17)

Environmental & Safety Committee 2 1 1

Finance & Tax Committee 3 2 1