Industry Trend Analysis - Manik Appointment To Maintain Status Quo - MAY 2017
BMI View: The appointment of Elia Massa Manik as the new Pertamina CEO is unlikely to lead to major upheavals in Pertamina ' s short-term upstream strategy , of offsetting domestic declines via growth opportunities overseas.
Following weeks of intense deliberation, Elia Massa Manik has been unveiled as the new president director and CEO of Indonesia's state-owned oil and gas firm Pertamina. Despite President Joko Widodo's reported preference for an outsider with no prior Pertamina ties, Manik is an industry-insider, with firm backing from company and political elites, boasting prior ties to the state-owned giant from his time as the president director of Pertamina subsidiary PT Elnusa over 2011-2014. Manik has also served in a variety of roles across the consumer goods, real estate and banking sectors, and most recently served as the president director of the state-run agriculture firm PT Perkebunan Nusantara III (PTPN-III).
Sweeping Changes Unlikely
|Output To See Structural Declines|
|Indonesia - Crude Oil & Natural Gas Production|
|e/f = BMI estimate/forecast. Source: EIA, BMI|