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Energy Security:%u2022 Focus on %u2018Resource to Reserve%u2019 responsibility to prioritizethe high value projects and accelerate FID approval of bigprojects.%u2022 Establish IOR / EOR Control Tower to deliver the projectreliability through centralized information, strong monitoringand timely escalation.%u2022 Execute New Operational Initiatives to gain potentialincremental such as renegotiate cost, selected wellintervention, production optimization, upgrade facilities, etc.%u2022 Set up a lean entity with a different operating philosophyneeded to drive lower cost.%u2022 Dedicate focus activities in frontier & greenfield exploration:up to ~30% of capex spent for greenfield assets andpartnership in frontier area.%u2022 Unlocking up to 900 MMBOE uneconomic resources throughfiscal improves from existing assets.Energy Transistion:%u2022 Create more agile M&A internal processes to effectivelyexecute M&A such as robust bidding, creative transactions,etc.%u2022 Structure clustering and market day to accelerate gascommercialization of 2.3 TCF gas and support national energy transition agenda.New Business & Strengthening Enablers%u2022 Drive decarbonization agenda, including seeking regulatorysupport on execution, commercial and liability regulationsaround CCS/CCUS projects.%u2022 Launch digital factory for scale digitalization across PHE: first prioritization is to use AI (artificial intelligent) for Drilling.%u2022 Aggregation procurement and increase the use of umbrellacontracts to optimize contract of widely use material e.gOCTG, cementing, line pipes, spares%u2022 Diversifying financing instruments such as Global Bond, SLLLoan/ Bond, conventional loan to minimize breach of covenant risk and other financial risks.Dari sisi komersialisasi, potensi komersial migas di Indonesia masih terbilang besar karena dibutuhkan untuk berbagai sektor, tidak hanya sebagai sumber energi, namun juga sebagai bahan bakar industri, konsumsi rumah tangga, transportasi, maupun bahan baku untuk produksi petrokimia, Namun demikian, terdapat banyak aspek yang mempengaruhi prospek usaha dan kinerja PHE Subholding Upstream, salah satunya harga minyak yang bergantung pada harga minyak dunia dan sulit diprediksi karena pengaruh dinamika perekonomian global, Untuk komersial gas, relatif dapat dikendalikan melalui Perjanjian Jual Beli Gas (PJBG) yang disepakati dengan pembeli, Namun, harga komersial gas bumi dari PJBG tetap harus memertimbangkan regulasi yang ditetapkan pemerintah.Energy Security:%u2022 Focus on %u2018Resource to Reserve%u2019 responsibility to prioritize thehigh value projects and accelerate FID approval of big projects.%u2022 Establish IOR / EOR Control Tower to deliver the projectreliability through centralized information, strong monitoringand timely escalation.%u2022 Execute New Operational Initiatives to gain potential incremental such as renegotiate cost, selected well intervention, production optimization, upgrade facilities, etc.%u2022 Set up a lean entity with a different operating philosophyneeded to drive lower cost.%u2022 Dedicate focus activities in frontier & greenfield exploration: up to ~30% of capex spent for greenfield assets and partnership in frontier area.%u2022 Unlocking up to 900 MMBOE uneconomic resources throughfiscal improves from existing assets.Energy Transistion:%u2022 Create more agile M&A internal processes to effectively execute M&A such as robust bidding, creative transactions, etc.%u2022 Structure clustering and market day to accelerate gascommercialization of 2.3 TCF gas and support national energytransition agenda.New Business & Strengthening Enablers%u2022 Drive decarbonization agenda, including seeking regulatorysupport on execution, commercial and liability regulationsaround CCS/CCUS projects.%u2022 Launch digital factory for scale digitalization across PHE: firstprioritization is to use AI (artificial intelligent) for Drilling.%u2022 Aggregation procurement and increase the use of umbrellacontracts to optimize contract of widely use material e.g OCTG, cementing, line pipes, spares%u2022 Diversifying financing instruments such as Global Bond, SLLLoan/ Bond, conventional loan to minimize breach of covenantrisk and other financial risks.In terms of commercialization, the commercial potential of oil and gas in Indonesia is still fairly large because it is needed for various sectors, not only as an energy source, but also as industrial fuel, household consumption, transportation, and raw materials for petrochemical production. However, there are many aspects that affect the business prospects and performance of PHE Subholding Upstream, one of which is oil prices that depend on world oil prices and are difficult to predict due to the influence of global economic dynamics. As for commercial gas, it can be relatively controlled through Gas Sale and Purchase Agreements (PJBG) agreed upon with buyers, however, the commercial price of natural gas from PJBG still has to consider regulations set by the government.256 Laporan Tahunan %u2022 PT Pertamina Hulu EnergiPEMBAHASAN DAN ANALISIS MANAJEMENMANAGEMENT DISCUSSION AND ANALYSIS 4 5 6 7