Indonesia is one of the countries in the world that has the potential of natural resources in the form of oil and gas. As a resource that plays an important role in economic life, the utilization of oil and gas needs to be managed properly and correctly. Preparation of the balance of natural resources is an important part of the management of wealth controlled by the state. The value of resources must be known so that the government can make the right policies, especially for oil and gas fields that will be terminated. One of the oil and gas resources which has significant production value and impact on the Indonesian economy is the "X" field in East Kalimantan. This study aims to provide an overview of oil and gas processing in the "X" field, estimate the monetary value of oil and gas volumes in a certain period and analyze policies that can encourage the management of the remaining oil and gas fields more optimally. The data used in the research are sourced from the results of discussions, field observations, studies of government policy literature, and company documentation. The analysis conducted in this study is divided into description analysis, oil and gas balance analysis and policy analysis. The analytical tools used are a study of government and company policy literature, the Net Present Value (NVP) method and the Multi Criteria Decision Analysis (MCDA) method. Based on the analysis, the physical value of proven oil and gas reserves in the "X" field amounted to 322,988,294 barrels & 420,745,986 MSCF; while the monetary value of oil and gas reserves amounting to IDR 222.655.210.375.641 (oil) and IDR 722,623,266,696 (gas) until 2018. Analysis of policies for the development of the "X" field taking into account economic, social and HSE (Health, Safety and Environmental) criteria results in a conclusion that Gross Split policy alternatives have the highest value for the draft of as business as usual policy when compared to the Cost Recovery policy and the Cost and Fee policy.