SWOT and Impact Analysis for Indonesia Upstream Oil and Gas Industry to Survive from COVID-19 Pandemic and New Normal Forecast

Abstract

Numerous oil and gas companies globally have experienced low oil prices and difficulty of operation, due to the destruction of demand associated with COVID-19. They are also facing a high oversupply of oil than the demand. Indonesia's oil and gas industry plays a pivotal role in driving the nation’s economy. The upstream sector is generally considered essential by government and has been most familiar with safety and health management issues. However, continued upstream operations will likely become increasingly difficult due to economic and operation shortages. Employees being exposed to the COVID19 and the practical difficulties in many cases of social distancing have disrupted the normal workflow.The objectives of the paper are to perform a SWOT analysis model, conduct impact analysis for the Indonesia’s upstream oil and gas industry in dealing COVID-19, and forecast new normal post-COVID19.