Pertamina targets oil, gas production to rise 14.5% in 2012

State oil, gas company PT Pertamina targets its oil and gas production to reach 532,700 barrels of oil equivalent (BOEPD) in 2012, up 14.5 percent from projected actual 2011 production of 465,300 BOEPD, company President Director Karen Agustiawan said.

The company estimates its actual oil production in 2011 will reach 196.800 BOPD or 3 percent higher than 2010 while gas production reach 1,555 MMSCFD or 7 percent higher than 2010.

Pertamina?s geothermal energy reached 2,188 gigawatt (GW) in 2011, or 3.5 percent higher than in 2010 and will further increase to 2,364 GW in 2012 or increased 8 percent from 2011.

In 2012, Pertamina will set aside Rp52.8 trillion in investment. Of this, 80 percent will be allocated for investment in upstream sector and 20 percent for downstream investment. Investment in downstream sector will include the construction of energy infrastructure across Indonesia. About 80 percent of investment need will come from external funding and 20 percent from internal cash-flow.

Among energy infrastructures are the development of floating storage regasification unit (FSRU) West Java in Jakarta bay which is expected to be operational in April 2012, a month later than the government?s target of March 2012. The FSRU will have a storage and processing capacity of 3 million metric tons per year or equal to 400 MMSCFD.

Pertamina will also build residual fluid catalytic cracking (RFCC) in Cilacap with capacity of up to 411,000 barrels per day.

The company will also materialize the construction of Cepu Block production facilities which is expected to commence operation in 2014 with peak production capacity of 165,000 BOPD. (giok/godang)