Indonesia – Company landscape – Asian NOCs and state-backed international players

(Originally published on October 22, 2026)

This article is the second 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.

This time, we focus on Asian NOCs and other state-backed international players, a group that has become increasingly important as Indonesia's upstream ownership landscape has shifted. This is not intended to cover every Asian or state-backed company with an Indonesian upstream interest. We focus on those with material current positions, notable recent portfolio activity or a potentially important role in the future upstream landscape.

PETRONAS and INPEX are among the clearest growth stories, while Mubadala Energy has built a major position around the Andaman gas discoveries. CNOOC, Sinopec and CPC are expanding selectively, while PetroChina and CITIC remain focused on established core positions. PTTEP and POSCO International appear keen to build greater scale through acquisitions, KUFPEC sits at something of a strategic crossroads, while KOGAS looks increasingly focused on harvesting its established LNG-linked position rather than expanding further.