Pertamina sets aside Rp10 trillion for expansion overseas

State oil and gas company PT Pertamina (Persero) will set aside up to Rp 10 trillion (1US$ = 9,050) in capital expenditure to finance acquisition of several oil, gas blocks in Asia and Africa.

Investment and management risk director, Frederick Siahaan said in Jakarta on Tuesday that the expansion would be part of Pertamina?s program to increase production by between 75,000 and 100,000 barrels of oil equivalent per day by 2015.

"We plan to acquire oil, gas blocks in Asia or Africa in order to meet higher oil production target,? he told reporters following the opening of the Indogas Exhibition 2011 di JCC in Senayan, Jakarta.

He said with the acquisition plan, Pertamina hoped it would no longer need to import crude oil to meet the surging oil demand in the country. But he refused to unveil the acquisition targets, saying that the company was still evaluating the prospect. (bernard)