Pertamina expects to book profit of Rp 9.6 trillion in 2003

Pertamina expects to book a gross profit of about Rp 9.6 trillion (US$=Rp9,200) in 2003 and the state owned oil and gas company is optimistic that it will be able to meet the target given the continued increase in its profits during the past three years.

Pertamina?s director for upstream operation, Iin Arifin, said in Jakarta on Friday that he was optimistic that oil and gas production would continue to increase in the coming years thanks to the findings of oil and gas reserves in new fields.

New findings in Aceh, with a capacity of 600 barrels of crude oil per day and in Petaling, Jambi with a capacity of about 6,000 barrels of crude oil per day are expected to further increase the company?s crude oil production, he said, adding that the finding of gas reserves in Donggi, South Sulawesi, is also expected to further increase Pertamina?s gas production.

Pertamina booked pre-tax profit of about Rp 8.8 trillion in 2001, a significant increase from Rp 6.7 trillion in 2000 and Rp 4.4 trillion in 1999. This year?s gross profit is expected to be about the same level of last year. "The realization of the gross profit for the first semester of this year reached about Rp 4.2 trillion and we hope the total profit for this year will be about the same level of last year," Arifin said.

According to Arifin, Pertamina also expects another significant finding in South Sumatra which, according to initial survey, still contains significant oil reserves. (*)