Which capabilities matter most when selecting an upstream operator in Indonesia?

Look for proven safety performance on Indonesian offshore or mature onshore assets, plus fast drilling and well intervention cycles. Also confirm they can navigate SKK Migas work program commitments without frequent rescoping.

What should buyers check before signing a long term LNG supply contract in Indonesia?

Confirm train uptime history, shipping flexibility, and domestic offtake obligations that could redirect cargoes. Also review whether planned debottlenecks or carbon reduction projects could affect operating costs.

How can a pipeline or city gas buyer assess reliability of a gas transporter?

Ask for compressor station redundancy, SCADA coverage, and recent outage response times. Contracting should also address pressure management and balancing during LNG import swings.

What is a practical way to screen refinery upgrade partners or EPC contractors?

Prioritize teams with recent commissioning experience in Indonesia and a clear local content delivery plan. Schedule realism matters, so validate long lead equipment strategy and site interface management.

What are the most common execution risks in Indonesian gas development projects?

Permitting and land access can delay pipelines and onshore facilities, while offshore projects face logistics and weather constraints. Late changes in domestic allocation directives can also shift volumes and pricing assumptions.

How should firms evaluate CCS readiness when partnering with an Indonesian oil and gas operator?

Check whether the operator has identified storage geology, monitoring plans, and a credible permitting path. Also confirm how liabilities, long term monitoring, and third party emissions sources will be handled contractually.

Top Indonesia Oil And Gas Companies

Pertamina

Commissioning readiness at the Balikpapan RDMP is now shaping many near-term choices, as the project moves into commissioning readiness. Pertamina, a leading company in Indonesia's hydrocarbons system, can still lose momentum if governance noise tightens oversight and slows approvals. Its SAF pathway is becoming more tangible because Kilang Pertamina Internasional signaled ISCC certified output from Cilacap starting in early 2025. If CCS licensing keeps maturing, partnership options widen across mature fields and hubs, but any extended outage or delay would raise import exposure.

Leaders

ExxonMobil

Liftings from Cepu remain a national lever, which makes reliability more important than headline projects. Reuters reported Indonesia's energy minister said Cepu lifting increased and reached about 180,000 bpd in 2025. ExxonMobil, a top operator in Indonesian upstream, is pairing that base with recovery methods like Low Dosage Acid and Gas Shut Off at Banyu Urip. If CCS rules keep tightening into clear permits, the Asri CCS hub work with Pertamina could become a new moat, but chemical and well integrity execution becomes the do-or-die risk.

Leaders

BP

Train 3 start up at Tangguh is a structural Indonesian gas event rather than a one-time milestone. BP confirmed first cargo from the expanded facility in October 2023 and stated total capacity rose to about 11.4 million tonnes per year. BP, a leading service provider in LNG operations, depends on stable domestic offtake and safe uptime to protect that position. If more domestic gas is redirected to power and industry, contract flexibility becomes an advantage, while any multi-week unplanned shutdown becomes the clearest risk to both revenues and regulator confidence.

Leaders

Medco Energi

Portfolio expansion is the lever, being pulled through asset rotations by foreign owners. Reuters reported Medco agreed to buy stakes in Sakakemang and South Sakakemang from Repsol and become operator, pending approvals. Medco, a major supplier of Indonesian domestic gas, also agreed to buy Repsol's 24% Corridor Block stake for USD 425.0 million, strengthening its South Sumatra position. If approvals slow, integration timing is the risk, but if gas demand grows as expected, corridor-connected infrastructure becomes a durable advantage.

Leaders

PGN

Gas infrastructure utilization is becoming the value driver because buyers care more about reliability than expansion headlines. ANTARA reported PGN highlighted 2024 performance and cited optimization of the FSRU Lampung to serve industrial and power users. PGN, a major distributor in Indonesian gas, also set a 2025 target to expand household gas connections, which signals demand anchoring beyond large plants. If LNG imports rise, PGN can strengthen balancing capability, but price volatility and contract rigidity remain the key risks.

Leaders

Shell

Retail footprint is shrinking by design, since Shell agreed to transfer its Indonesia fuel station business to a new Citadel Pacific and Sefas venture. Shell, a major brand in fuels, still keeps influence through licensing and supply, yet direct control over sites is reduced. If downstream margins compress, that lighter asset model may protect cash generation, but it also weakens daily visibility with end users. The practical risk is service quality drift at rebranded sites, which can pressure lubricant pull-through and partner trust during the transition period.

Established

Petronas

Indonesia exposure is rising even if near-term output is less visible than its contract wins. PETRONAS confirmed it and Pertamina agreed to acquire Shell's full 35% interest in the Masela PSC in 2023, alongside operator INPEX. Petronas, a key participant with a broad PSC portfolio, also won Serpang and Binaiya PSC awards under Indonesia's bid round cycle. If the state pushes faster gas development approvals, Petronas can scale, but multi-partner governance at Masela is the operational risk that can drag timelines.

Established

Chandra Asri

Project sequencing is changing, which often signals both discipline and constraint. ICIS reported in March 2025 that Chandra Asri reconfigured CAP 2 to start with a CA EDC plant in Cilegon, with construction expected to begin in the early second half of 2025. Chandra Asri, a top manufacturer in Indonesian petrochemicals, benefits when domestic refining streams are upgraded and more consistent feedstock becomes available. If the new build slips, import dependence can persist, and that is the operational risk that most directly hits margins and customer trust.

Established

Eni

Fast track gas delivery is now the story, since Eni started production from Merakes East in May 2025 with supplies routed toward domestic demand and Bontang LNG. Eni, a Europe based gas led operator, also announced a new Kutei Basin discovery at Konta 1 in December 2025, which can deepen its tie-back optionality. If the planned Eni and PETRONAS asset combination closes, Indonesian gas projects could gain funding resilience, but concentrated basin exposure is the operational risk if subsea or FPU uptime disappoints.

Performers

TotalEnergies

Indonesia strategy is less about legacy fields and more about targeted gas and B2B energy services. TotalEnergies states it holds an interest in the offshore Sebuku license that includes the Ruby gas and condensate field, and it trades LNG under long-term agreements. TotalEnergies, a France headquartered energy group, also disclosed in June 2025 it acquired interests with PETRONAS in multiple blocks, including one offshore Indonesia block, which resets its upstream option set. If Indonesian carbon storage permits keep opening, it can bundle LNG and low carbon offerings, but limited physical scale inside Indonesia remains the constraint.

Performers

Inpex

Execution risk sits in long-lead engineering because Masela's next steps are now front loaded. ANTARA reported in August 2025 that the Abadi LNG project in the Masela block entered FEED, led by Inpex Masela as operator. Inpex, a Japan anchored LNG developer, also states the revised development plan was approved in December 2023 and includes CCS to improve sustainability and competitiveness. If FID timing holds, it becomes a 2030s supply pillar, but multi-partner governance and cost inflation are the most likely derailers.

Performers

Mubadala Energy

Exploration success is reshaping investor attention, yet commercialization is still ahead. Mubadala Energy announced a major Layaran 1 discovery in South Andaman in December 2023 with multi TCF potential, followed by another discovery at Tangkulo 1 in May 2024. Mubadala Energy, an Abu Dhabi backed upstream investor, can turn that into a new North Sumatra gas corridor if appraisal and concept select move fast. If domestic allocation directives change late in the cycle, project economics can shift, and that is the core risk before final development commitments.

Performers

CNOOC

Indonesia expansion is becoming more visible through new contract wins. CNOOC Limited disclosed in August 2025 that its subsidiaries signed PSCs for the Gaea and Gaea II exploration blocks in Indonesia with SKK Migas, near the Tangguh LNG area. CNOOC, a China headquartered offshore producer, also benefits when awarded blocks have clear work programs and aligned partner roles from day one. If exploration results are mixed, capital discipline becomes the differentiator, while the operational risk sits in remote logistics across onshore and offshore Papua Barat.

Performers

Chevron

Re entry risk is the central question because current Indonesian activity is more about securing future acreage than running producing assets. Indonesian officials publicly discussed offering new blocks in Bali and eastern Indonesia after Chevron signaled interest to reinvest. Chevron, a major global operator, can convert that optionality into value only if PSC terms and domestic supply rules stay predictable. If a bid round win happens in 2026, early seismic speed becomes the upside, while local stakeholder alignment becomes the operational risk that most often derails schedules.

Aspirants

ConocoPhillips

The practical reality is that Indonesia is not currently a visible operational center for ConocoPhillips. Its own public footprint list in 2025 highlights countries like Malaysia, China, Australia, and Qatar, with no Indonesia presence shown. ConocoPhillips, a US focused E&P firm, can still influence Indonesian procurement through contractors and legacy networks, but that is indirect. If Indonesia tightens domestic supply rules further, ConocoPhillips has limited direct downside, while the upside would require a deliberate re-entry decision that does not appear imminent.

Aspirants

Repsol

Exit execution matters more than new growth because its Indonesian upstream exposure is being unwound. Reuters reported Repsol agreed to sell its 24% stake in the Corridor Block gas operation to Medco Energi for USD 425.0 million, with expected completion in 2025. Repsol, a Spain based lubricants and fuels player, can still keep a downstream relationship in country, yet upstream influence declines sharply after closing. If Indonesian domestic gas allocation rules tighten further, that would have been a risk, but divestment converts it into a reduced exposure posture.

Aspirants

Sinopec

Technology transfer is the visible lever in Indonesia today. Indonesia's energy ministry said in August 2024 it was partnering with China through technology cooperation between Sinopec and Pertamina EP across five Pertamina EP fields. Sinopec, a large refiner and chemicals group, can bring mature field methods that lift recovery, which fits Indonesia's production targets. If pilot results prove out, wider rollouts could follow, but execution risk sits in data quality, chemical logistics, and alignment on how gains are measured and shared.

Aspirants

Harbour Energy

Indonesia positioning is being simplified through a sale process. Harbour Energy announced in December 2025 it signed an agreement to sell its operated interests in Natuna Sea Block A and the Tuna project to Prime Group, targeting completion in Q2 2026. Harbour Energy, a UK based independent producer, can free capital for fewer priorities, but that also reduces local operating depth. If gas prices remain strong, selling early may cap upside, while the main operational risk is transition execution that preserves safety and uptime until handover.

Aspirants

Conrad Asia Energy

Commercial structure is the defining hurdle because regulatory approvals can override cross-border contracting intent. Reuters reported in March 2025 that Sembcorp terminated a gas sales agreement tied to the Mako gas field due to regulatory challenges in securing approvals. Conrad Asia Energy, a small cap upstream developer, still highlights Mako as the cornerstone asset under the Duyung PSC and continues work on revised plans with the regulator. If domestic buyers can absorb plateau volumes on acceptable terms, it can progress, but financing risk remains tightly linked to offtake certainty.

Aspirants

PT Connusa Energindo

Capability breadth is the selling point since many Indonesian oil and gas builds fail on interface management rather than design alone. Connusa describes itself as an Indonesia based engineering consultancy serving oil and gas clients with services that include feasibility work, detailed design, and construction supervision. Connusa, a Jakarta centered project management consultant, can win when midstream integrity and schedule control matter more than price. If national refinery and pipeline programs accelerate, workload could rise, but the main risk is talent retention during multiple overlapping megaproject peaks.

Aspirants

Indonesia Oil And Gas Companies: Leaders, Top & Emerging Players and Strategic Moves

Top 5 Indonesia Oil And Gas Companies

Indonesia Oil And Gas Companies Matrix by Mordor Intelligence

MI Competitive Matrix for Indonesia Oil And Gas

Analysis of Indonesia Oil And Gas Companies and Quadrants in the MI Competitive Matrix

Pertamina

ExxonMobil

BP

Medco Energi

PGN

Shell

Petronas

Chandra Asri

Eni

TotalEnergies

Inpex

Mubadala Energy

CNOOC

Chevron

ConocoPhillips

Repsol

Sinopec

Harbour Energy

Conrad Asia Energy

PT Connusa Energindo

Frequently Asked Questions

Methodology

Analysis of Leading Indonesia Oil And Gas Companies