(AGI) - Jakarta, Jul 28 - Newly-installed Indonesia's Energy and Mineral Resources Minister Archandra Tahar vowed on Wednesday to transform oil, mining and power industries. "Transformation in the energy and mineral resources sector is not an option but a must," Archandra said in his speech during the ceremony in which he officially took over from former minister Sudirman Said. He said his program in transforming the industries consist of three pillars: 1. Making business process efficient, transparent and measurable 2. Competent human resources supported by knowledge, skills and experience 3. Utilizing appropriate and on-target technology so that human resources and business process that are being developed become effective and efficient. The new minister talked more about the oil and gas industry and less about power and mining industries in his speech. He also underlined the importance of the application of technology. He noted that Oil and Gas Law No. 22/2001 needs amendment given the fact that the challenges Indonesia is facing now are different the ones it did at the time the law was made. "The new oil and gas law must be able to meet the challenge posed by the fact that the era of big oil fields, coupled with comfortable geological condition and available infrastructures has been over. Now is the era of marginal fields, offshore including deepwater, tight and shale oil/gas ad EOR. The new era is even worse due to remote locations and lack of infrastructures," he said. "The Ministry of Energy and Mineral Resources should become a pioneer in learning and adopting technology. The US is able to increase its production twice as much within seven years owing to technology, coupled with business process and talented human resources," he said. He note that he had been working in the US for 20 years until President Joko Widodo recently asked him to come back to Indonesia to become a minister. Arhcanda is a graduate of the Bandung Institute of Technology (ITB) who obtained a scholarship from tin giant PT Timah Tbk to study offshore rigs in Texas. His was a consultant of PT Pertamina Hulu Energi in the ONWJ project. He was also said to have advised Jokowi adopt onshore LNG facility in the development of the Masela block. According to Linkedln, before taking the ministerial position, he was president at Petroneering in Houston, a technology development and engineering company focused on design and development of more durable, effective, and safe offshore platforms. He has over fourteen years of experience in the field of hydrodynamics and offshore engineering. He has developed his specialized expertise through his extensive schooling and through practical experience in the industry. He has been working with the inventors of the floating and compliant drilling and production system, Spar, TLP, Compliant Tower, Buoyant Tower and Multi Colum Floater for the last 13 years. The TLP and Spar products alone represent the vast majority of all the combined floating drilling and production systems operational in the world today. Archandra has been awarded three offshore related patents and the co-author of well recognized and industry standard hydrodynamics program HARP/CHARM3D. He received a Bachelor of Science degree in Mechanical Engineering from Bandung Institute of Technology, Indonesia. He received his Master of Science and Doctor of Philosophy degrees in Ocean Engineering from Texas A&M Universities in 2001. Former World Bank director reappointed as Minister of Finance of Indonesia President of Indonesia Joko Widodo has reappointed Sri Mulyani Indrawati, former Managing Director and Chief Operating Officer of World Bank, as the new finance minister. "The job as finance minister is very important. I am back in this position because it is trust and honor for me personally," Sri Mulyani said after handover in the Hall Mazanine of the ministry, Jakarta, Wednesday. Sri Mulyani started her political adventure in 2005 when he accepted a position as Finance Minister in the government of President Susilo Bambang Yudhoyono.The position ended in 2010 when she decided to resign and accept the offer of the World Bank as a Managing Director. Governor of Bank Indonesia (BI) Agus Martowardojo stated that the joining of Sri Mulyani in the Joko Widodo's cabinet in addition to raise the prestige of the Indonesian economy in the international arena, also cement the government's commitment to reduce poverty, create jobs, and boost national economic growth. The appointment of Sri Mulyani as the new Finance Minister by President Joko Widodo received the blessing of the World Bank, where she worked previously. World Bank President Jim Yong Kim claimed that heearned the designation news directly from Sri Mulyani and has given approval for the release back to their homeland. In an internal letter to the staff of the World Bank, Kim said the World Bank has become a respectable in which Sri Mulyani worked for six years in the multilateral financial institution. "I am telling this story with pride and sadness. Sri Mulyani got the deep respect of the staff, management and shareholders, and while we are all going to lose a leader of the most powerful for the poor, we can also admire the decision of Sri Mulyani to serve the country once again, "Kim said in his official statement. During her tenure as World Bank Managing Director Sri Mulyani responsible for the bank's operations around the world. According to Kim, while serving as Managing Director, Sri Mulyani has helped the World Bank in implementing a number of programs that earned high praise. Sri Mulyani had led negotiations of International Development Association (IDA) and secured loans worth US$52 billion to help the fiscal condition of poor countries by 2013. "Anyone who has spent time with Sri Mulyani would know a deep love for Indonesia. Her commitment to public service is exemplary, and as a reformer for speaking out against corruption makes her figure loved by the people of Indonesia," Kim said. The World Bank has appointed Kyle Peters, Senior Vice-President of the World Bank to replace Sri Mulyani. Looking ahead, Kim said the World Bank will continue to assist Indonesia in implementing important reforms that are already underway, such as reducing poverty and addressing rising inequality with acceleration of development. "I would like to thank Sri Mulyani for her friendship, leadership, advice, and encouragement tireless," he concluded. (AGI) .