Abstract
Abstract There is big change in oil and gas industry environment since the oil and gas Law No. 22 of 20011 has been stipulated. PERTAMINA, was the only one state oil company, became a limited liability company called PT Pertamina (PERSERO). The exploration and production activities are under PT PERTAMINA EP, a subsidiary of PT PERTAMINA (PERSERO). 85% of the total production in PT PERTAMINA EP is from brownfield assets and total remaining reserve is more than 5 billion barrels oil. Those reserves spread out in 3 regions and 3 business unit areas. Most of the fields are located on shore, produced from primary recovery stage, and declined production around 20% per year. To increase the national production from brownfield assets under a new management, PT PERTAMINA EP needs new strategies which can be applied in the future. Those strategies include: maximizing of value of the reserve audits which was done in December 2005, new business models in assets development, and managing the risk of new technology implementation.
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