Pertamina Set to Acquire More Oil Blocks in 2020
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12 December 2019 15:34 WIB
TEMPO.CO, Jakarta - Pertamina Upstream Director Dharmawan Samsu announced the state-owned energy firm's 2020 budgeting plan of USD 150 million (equals to IDR 2.1 trillion) to acquire oil and gas blocks. The work area targeted by the company is possibly located in Africa.
Dharmawan said that the upstream oil and gas investment is projected to add the company's oil and gas block assets. The plan was mentioned by Pertamina President Director Nicke Widyawati in a meeting with the House of Representatives' (DPR) Commission VII.
Meanwhile, the company's total investment budget in 2020 amounts to USD 7.8 billion with the oil and gas upstream sector obtaining USD 3.7 billion in investments.
"That is correct, the inorganic investment budget is for acquisitions," said Dharmawan in a text message on Wednesday, December 11, 2019. Without mentioning further details, Dharmawan said that Pertamina's focus on acquiring assets will be concentrated in oil and gas blocks close to production phase or those that are currently in production phase.
The last time Pertamina acquired an oil and gas asset overseas was in 2017. Presently the company has acquired 64.46 percent shares in French oil and gas firm Maurel&Promm. Through the acquisition, Pertamina owns oil and gas assets in Gabon, Nigeria, Tanzania, Namibia, Canada, Myanmar, Italy, Colombia, and more.
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