Since the end of 2014, the international oil prices
significantly decreased and continued to decrease until the
end of 2015. This is caused by the OPEC internal dynamics,
global economic condition, falling demand for oil, and the
development of non-conventional oil and gas. This situation
encouraged Pertamina to carry out several new strategies in
order to minimize impact of the condition.
Domestically, the political situation, national economic,
and various other factors such as changes in Fuel subsidy
scheme also affect the performance and development plan
of Pertamina. A number of projects also have not run yet as
scheduled and several new Subsidiaries (AP) of Pertamina
are still in adaptation process and not yet run optimally.
Facing the conditions and challenges, Pertamina launched
work program of 5 Strategic Priorities which were implemented
consistently throughout 2015. In Upstream sector, Pertamina
conducted exploration and increase of oil production as
well as optimizing gas and geothermal production. Review
and potential development on non-conventional oil and gas
as well as new and renewable energy also continue to be
implemented.