Indonesia – Company landscape – The major IOCs

(Originally published on October 15, 2026)

This article is the first in a series looking at company strategies in Indonesia, using Kawi's production, ownership, licensing and M&A data to assess how the competitive landscape is changing.

For the major IOCs, the story is no longer simply one of retreat. BP and Eni remain committed and continue to add exploration exposure, ExxonMobil is focused on extending the value of Cepu, and TotalEnergies has made a selective return to exploration. Shell is also now being linked with a potential re-entry, while Chevron, ConocoPhillips and Equinor remain outside the upstream sector.