Pertamina Allocates US$3.7bn for Upstream Investment
14 January 2015 12:32 WIB
TEMPO.CO, Jakarta – State oil and gas company PT Pertamina (Persero) is allocating US$3.7 billion (approx. Rp46.6 trillion) for oil and gas exploration needs this year. Pertamina's upstream director Syamsu Alam said US$2.07 billion is allotted for domestic exploration and development.
"This allocation does not include the fund for mergers and acquisitions," Syamsu told Tempo last weekend.
For overseas production activities, Syamsu said, Pertamina will focus on the development of wells that could immediately deliver results as a strategy in coping with the downtrend of global oil prices, which had dropped to less than US$50 per barrel.
Throughout 2014, Pertamina recorded an average oil production of 259,000 barrels per day (bpd) while gas production reached 1,562 million standard cubic feet per day (mmscfd). This year, Pertamina is targeting to produce 351,000 bpd of oil and 1,668 mmscfd of gas.
BERNADETTE CHRISTINA | TRI ARTINING PUTRI
