Pertamina plans to invest up to Rp 303.9 trillion up to 2015

State oil and gas company PT Pertamina sets investment target of Rp 303.9 trillion up to 2015, aiming at increasing its production of oil, gas and geothermal energy.

Muhammad Husen, director for upstream of Pertamina was quoted by Indonesia Finance Today as saying that the oil and gas production is projected to increase to 776.3 million barrels oil equivalent (boepd) in 2015 from this year?s estimated production of 470.3 million boepd.

Pertamina is also planning to raise its geothermal energy production to 74.38 million tons in 2015 from 16.5 million tons this year.

To support the target, Pertamina will optimize the output of PT Pertamina EP, a subsidiary of the company, through changing the production sharing scheme and renegotiating gas price from its West Madura Offshore block in East Java. In addition, Pertamina expects the peak production of Cepu Block of 165,000 bpd in 2014 will help boost its overall oil production.

Mochammad Harun, Vice President for Communication at Pertamina, said that to meet the production target, apart from acquiring new fields, Pertamina will also optimize production from existing fields. ?We will also develop internal capacity through setting up strategic alliance,? he was also quoted as saying. (*)