Owing mainly to its prolific reserves in Indonesia, INPEX has been enjoying prolific production so far. However, gradually declining reserves (a destiny of the oil and gas E & P business), and the coming contract expiration of major producing block in 2017, have prompted us to cope with these challenges.
In order to overcome these challenges, currently we are actively pursuing new opportunities in our core areas (Indonesia and Australia) and the new target areas (the Middle East, the Caspian Sea, Africa and South America).
Since the inception in 1966 for the 3 exploration projects in Indonesia, INPEX has experienced five (5) phases of the business growth; (1) Inception, (2) Initial production, (3) Expansion of activities in Indonesia, (4) Expansion of activities outside Indonesia (especially in Australia and ZOCA), and at present, (5) Expansion of activities in the new target areas. During the course of these 5 phases, we have experienced several notable successes, and (equally important for us) several notable failures. Based on these success and failure experiences, we have established the following strategy: (1) Defining the core areas and new target areas, and concentrating on projects in these core and new target areas, (2) Forming a well-balanced portfolio in terms of area (core area/new target area), asset (oil/gas) and projects (exploration/development/producing, non-operator/operator), (3) Pursuing projects with long term potential for post-2017, (4) Searching for high potential opportunities by strengthening relationship with foreign and domestic leading companies, and (5) Increasing effectiveness by keeping slim organization and utilizing outsourcing.
We believe there is no special means which leads to success in E & P business. Instead, it is a steady day-to-day effort to try to increase our technical expertise and business experience, which leads to establishing the strategy, continuous challenges to new opportunities, and finally a success in E & P business.
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