Govt targets oil and gas investment to rise 34.63% in 2012

The government targets investment in upstream and downstream oil and gas sectors to rise to US$ 18.31 billion in 2012, represents an increase of 34.63 percent from targeted $13.6 billion this year, Evita Legowo, Director General for Oil and Gas at the Energy and Mineral Resources Ministry, said.

She said the investment target will comprise of $15.89 billion from upstream oil and gas sector and $2.42 billion in downstream sector.

Evita said among investments in upstream sector is the development of Jangkrik field by Italy?s Eni and Donggi-Senoro LNG project in Sulawesi island. Among the downstream investment is the floating storage, regasification unit (FSRU) in the Jakarta bay to be operated by PT Pertamina and state gas distributor PT PGN. (godang)