KIORCC Attends the 14th Indonesia Korea Energy Forum

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29 November 2023 – The 14th Indonesia Korea Energy Forum (IKEF) was successfully hosted by the South Korean Ministry of Trade, Industry, and Energy (MOTIE) and the Ministry of Energy and Mineral Resources (MEMR) of the Republic of Indonesia. In attendance at the forum with KIORCC were various oil and gas stakeholders of both nations, along with the Deputy Minister for Energy Policy of MOTIE, Mr. Lee Ho-hyeon, and the Director of Oil and Gas of MEMR, Mr. Tutuka Ariadji.

The forum consisted of three sessions; the first on oil and gas, the second on electricity and energy, and the third on cooperation. During the forum, Mr. Tutuka touches base on unexplored oil and gas basins in Indonesia, the investment climate, cost recovery and gross split schemes for contractors, CCS-CCUS development, and the bidding process mechanisms. Mr. Tutuka acknowledges the potential obstacles that may arise in potential collaboration schemes but is hopeful that the opportunities that will arise will exponentially benefit both Indonesia and Korea alike.

Among other topics presented were the potential establishment of an LNG and Clean Energy Technical Center and the related Official Development Assistance (ODA) plans; potential investment opportunities for Korean investors; and the launching of the KIGAM-ITB International Research Center for Critical Minerals & Energy.

2023 marks the 50 years of Korea-Indonesia bilateral relations. To continue positive bilateral relations, KIORCC and stakeholders involved in the energy sector of both nations hope to develop even more pivotal projects to develop the industries of the countries.