REMINDER TODAY!!!
PROFESSIONAL DIVISION LUNCHTIME TALK
DATE : Thursday, September 26, 2002
TIME : 11:45 Hrs.
VENUE : Libra Ballroom, Executive Club
JAKARTA HILTON INTERNATIONAL
Jl. Gatot Subroto, Jakarta
SUBJECT: "ECONOMIC AWARENESS CAMPAIGN IN THE PRODUCTION OF OIL AND GAS"
SPEAKER : Dr. H.L. Ong, Lecturer, Institut Teknologi Bandung, and Advisor,
P.T. Geoservices.
ABSTRAC
The petroleum industry is driven by economic factors, especially within the last ten
years. The closing down of research centers (once the jewel of the oil industry), the
purchase of reserves rather than doing exploration, the outsourcing of services, the
mega-merger of oil companies, the formation of Business Units to compete internally,
the formation of alliances between service and oil companies, global procurement, and
E-business; all striving for economic efficiency in the world of global competition.
Every person in the industry as well as those concerned with the Petroleum industry
in general, should be made aware of the economic principles underlying the production
of oil and gas. It is the bottom line of doing business. Every step of
decision-making should be based on economic awareness. The necessity to explore, the
necessity to borrow money, the necessity of offshore financing, the necessity to
satisfy the shareholders, the necessity to pay taxes at the early stages, the
necessity to commit and fulfil all the fiscal terms, etc. need to be properly
addressed.
To comprehend the above necessities, we need to understand the unique economic
characteristics that are inherent in the oil industry. For example, the extensive
capital required, cost of money, risk and uncertainties, limited resource, long term
borrowing and financing, global market, net cash flow for the duration of the project,
competition among oil producing countries, global market, and fluctuation of the
$/Rupiah. Understanding all these parameters will make a person more appreciative and
pro-active in developing their company's production.
For their own benefit, Oil Companies should therefore educate both their own staff
as well as the Local Government officials in their regions regarding the economic
principles underlying the production of oil and gas. Economic efficiency is now the
name of the game and with the new law on regional autonomy in place, cost recovery and
cost of production will be subject to more scrutiny; because they directly impact the
region's bread and butter revenue.
FUTURE TALKS
Suggestions and volunteers for talks are always welcome. Topics should be relevant
to exploration and production in Indonesia and/or be of interest to a wide range of
disciplines.
Please contact the Luncheon Talks Chairman, Peter Butterworth, at VICO Indonesia,
phone 5236018,e-mail: [EMAIL PROTECTED] and/or [EMAIL PROTECTED]
BIOGRAPHY
Dr. H.L.Ong is a graduate of ITB in geology and received his Doctor of Science
degree in Chemistry and Geochemistry from the Colorado School of Mines.
He has been teaching at ITB since graduating from Mines in 1968 and was instrumental
in setting up and running a successful Indonesian E&P consulting firm, PT Geoservices,
since 1971.
He retired from the company last year but kept his post as a lecturer in mineral
economics at his alma mater in Bandung
COST : Rp. 100.000,00 (IPA Prof. Div. Member) or Rp. 125.000,00 (Non IPA Prof. Div.
Member) excluding drinks, payable at the entrance of the Libra Ballroom; payment in
cash is preferred.
� Reservations and cancellations will be accepted until 15:30 hours on
Wednesday, September 25, 2002. Phones: 572.4284-4286; fax: 572.4259; e-mail:
[EMAIL PROTECTED] or [EMAIL PROTECTED]
� No reservations and cancellations will be accepted after this time.
� Members of the Ikatan Ahli Geologi (IAGI) (The Indonesian Association of
Geologists) and Ikatan Ahli Teknik Perminyakan Indonesia (IATMI) are welcome.
Please make sure that if you hold a reservation and are unable to attend that
you notify
the IPA Office as soon as possible otherwise you will be charged for cost of
the luncheon.
