Indonesia's oil and gas sector is facing complex regulatory challenges amidst the global energy transition. This study aims to critically analyze the development of major oil and gas policies and regulations in Indonesia from 2021 to 2025, focusing on the reformation of Participating Interest 10%, the strengthening of foreign exchange earnings (DHE) regulations, and cooperative working area management. This research employs a systematic literature review (SLR) with a qualitative descriptive approach. The population comprises academic literature, policy documents, research reports, and government regulations published between 2021 and 2025, selected using purposive sampling. Data collection instruments include a structured data extraction table; content and thematic analysis are applied to synthesize findings. Results reveal that, while regulatory reforms demonstrate the government's commitment to decentralized economic benefits, macroeconomic stability, and increased production, implementation remains constrained by limited institutional capacity, vague mechanisms, and weak multi-stakeholder coordination. In conclusion, though recent policies align with the rule of law and economic justice principles, further empirical research and improved institutional collaboration are needed to maximize equitable benefit distribution and long-term energy transition.