Oil, gas investment to increase by 10 percent next year: Pertamina
Tuesday, November 21 2000 - 04:00 AM WIB
The state-owned oil and gas company Pertamina projected oil and gas new investment in the country in 2001 to increase by 10 percent to around US$1 billion from $900 million this year, the Bisnis Indonesia daily reported.
The paper quoted Pertamina production and exploration director Gatot K. Wirojudo as saying that the investment increase was in line with the government target to increase the country's oil production to 1.4 million barrel per day next year from 1.34 million bpd.
Gatot said that he was optimistic the target could be achieved. He said that the increase in oil production was also in a bid to meet the country's 1.38 million bpd new production quota set recently by OPEC in a bid to help lower international oil price.
But reports have said earlier that private oil contractors have find difficulties in increasing their production due to the social unrest and security problem that occurred in several parts of the country. (*)