Oil and gas investment to increase to US$5.2b next year
Thursday, December 21 2000 - 12:00 PM WIB
The country's oil and gas companies would invest US5.281 billion for exploration and production next year, as against the realized investment of $4.496 billion this year, state oil and gas company Pertamina said on Thursday.
Head of Pertamina's foreign contractors management body (BPPKA) Heru Tjokro said at the yearend press conference that the realized investment of $4.496 billion for this year was lower than the year's target of $5.185 billion.
He did not specify the reason behind the lower-than-expected investment
Heru further said the country's oil output was expected to drop to 463.2 million barrels next year, from the realized output of 515.6 million barrels this year.
The realized oil output of 515.6 million barrels for this year was higher than the target of 513 million barrels.
"Oil output is expected to decline next year because some new oil discovery wells would not be able to come into production next year to offset the natural decline in the output of some existing wells," Heru said.
Heru said the country's realized gas output reached 2.4 trillion cubic feet (TCF) this year, above the target of 2 TCF.
Gas output for next year was expected to 2.2 tcf, he added. (Alex)