PT Pertamina (Persero), Indonesia's state-owned energy company, has set an ambitious vision to become a world-class energy company, contributing to national pride and competing on the international stage. To achieve this, Pertamina has adopted a Dual Growth Strategy, focusing on two main pillars:

1. Strengthening Legacy Business

Pertamina aims to optimize its existing oil and gas operations, particularly in upstream sectors, by enhancing production and expanding business ventures. This approach ensures the sustainability of national energy needs and supports energy security.

2. Expanding into Green Energy

Simultaneously, Pertamina is investing in renewable energy sources such as geothermal, solar power, and biofuels. This commitment aligns with Indonesia's target to achieve net-zero emissions by 2060, ensuring that investments not only reinforce the oil and gas sector but also facilitate the transition to green energy.

Three Lines of Defense Model

To effectively implement this strategy, Pertamina has adopted the Three Lines of Defense model, a widely recognized framework in risk management:

• First Line: Operational management, responsible for identifying and managing risks within their areas.
• Second Line: Risk management and compliance functions, providing oversight and guidance to ensure effective risk management practices.
• Third Line: Internal audit, offering independent assurance on the effectiveness of governance, risk management, and internal controls.

This structured approach ensures comprehensive risk mitigation from planning through execution.

Commitment to Renewable Energy

Pertamina's dedication to renewable energy is evident in its substantial investments. The company has allocated significant funds to develop low-carbon businesses, supporting Indonesia's energy transition and contributing to global sustainability efforts.

Conclusion

Through its Dual Growth Strategy and robust risk management framework, Pertamina is poised to strengthen its legacy operations while leading the charge in green energy development. This balanced approach not only secures national energy needs but also positions Pertamina as a key player in the global energy transition.