NEW NORMAL FOR OIL AND GAS AND ENERGY INDUSTRY IN INDONESIA: PRELIMINARY STUDY

Abstract

The pandemic of Covid 19 has bring huge global impacts for almost all industries including oil and gas. Lockdowns from countries around the world is decreasing energy demand and create oversupply of oil and gas products. The oversupply condition has forced oil and gas companies to either slow down or even stop their production which has impacted both the production in both upstream and downstream operation. The objective of this paper is to share a prediction of new normal post Covid 19 for oil and gas industry in Indonesia.  The price crash of oil and gas products during the global pandemic also push oil and gas companies to change their line of business from traditional hydrocarbon-based company into integrated energy company. The government from countries around the world including Indonesia is attentively focused on managing the COVID-19 pandemic and reducing its impact thus temporarily leave behind the subject of energy transition. Nonetheless, the climate and environment debate is unlikely to go away. Innovations that have lowered wind, solar and battery costs will continue and decarbonization will remain a necessity for the industry. The research methodology in this paper using literatur review and the sector that being analyze such as power generation, industry, transport and building sector. As result of study, it is predicted that energy transitions and decarbonization can even be accelerated by the current crisis