Deputy President Director of Pertamina: The NOC’s Role in Safeguarding National Energy Security and Economic Growth

Jakarta, VIVA – Pertamina emphasises that the state-owned oil company, or National Oil Company (NOC), plays a strategic role in safeguarding energy security while supporting national economic growth. The role becomes increasingly important amid rising geopolitical uncertainties, dynamics of global energy markets, and challenges of the energy transition.

This was stated by Oki Muraza, Deputy President Director of PT Pertamina (Persero), during a discussion titled Global Challenges: NOCs at the Heart of Energy Resilience as part of the 50th IPA Convex series. According to Oki, an NOC is not only a business entity but also carries a mandate to contribute to the economy while preserving national energy security.

‘In addition to contributing to state revenue, the NOC also has responsibilities to safeguard energy security. Therefore, energy development strategy should not rely solely on oil, but must strengthen the role of natural gas as a transition energy capable of delivering energy more affordably with lower emissions,’ Oki said.

Oki added that beyond safeguarding energy security, the NOC also has a role in creating a multiplier effect through downstream development that can create jobs and maximise the added value of the country’s resources. In this context, natural gas becomes a key element because it can support energy security while facilitating the transition to a lower-emission energy system.

To achieve these goals, Oki said, Pertamina continues to strengthen collaboration with a range of stakeholders, including the government, strategic partners, and financing institutions. He noted that large-scale energy projects worldwide show that strong synergy between the state and corporations is a crucial factor in creating long-term energy resilience.

Oki cited the LNG Mozambique project, supported by the Japanese government, through the role of various state instruments. In that project, the Japanese government not only provided policy support but also helped bolster the project’s financial viability and feasibility through equity participation by JOGMEC, JBIC financing, NEXI insurance, and long-term LNG offtake support from Japanese companies such as JERA.

‘Global examples show that strategic energy projects require a strong supporting architecture. The government can play a role through financing, insurance, market certainty, and policies that make projects bankable. In this way, the NOC can carry out its energy resilience mandate more effectively, while maintaining investment discipline,’ Oki said.