Pertamina aims to increase reserve by 400m barrels

State oil and gas company PT Pertamina is seeking to increase its reserve by 400 million barrels of oil equivalent over the next several years.

Company upstream director Sukusen Soemarinda said on Wednesday the company was speeding up three projects to reach the target.

The first project is the development of old wells in North Sumatra, including those around Besitang, to cope with gas shortage in the province. The second project is to explore and develop upside potentials around the Pondok Tengah field in Bekasi, West Java. The third project is to explore and develop shallow and old wells around Cepu.

?In total, we could potentially add our (oil and gas) reserve by 400 million barrels,? Sukusen said.

He said Pertamina needed a total of US$130 million for the projects, which are expected to start production in 2008/2009.

Pertamina EP currently operates 200 oil fields throughout the country. Its proven reserves stand at 1.083 million barrels of oil and 11.21 trillion cubic feet of gas.

Pertamina now produces around 92,000 barrels of oil per day and targets to increase the output to 400,000 bpd in 2014. (Godang)