Pertamina to bolster production to 2.2mboepd in 2025

State-owned oil and gas firm PT Pertamina aims to bolster oil and gas production to 2.2 million boepd in 2025 from the current 465,220 boepd.

Pertamina Upstream Director M. Husen said in a statement issued on Thursday that about 900,000 boepd of the targeted production will come from existing fields, 600,000 boepd from international expansion, and the remainders among others from increasing its participating interests in shale gas and CBM developments.

Pertamina Senior Vice President for Upstream Planning and Operation Evaluation, Djohardi Angga Kusumah said that to help achieve the target, the country?s largest oil and gas producer will take a number of actions including accelerating exploration activities, monetization of projects, using latest and accurate data, and international-standard drilling practices.

Pertamina will also continue to make overseas acquisitions, which will account for 70 percent of acquisitions to be made by the company, particularly in areas with large reserves to help boost production, said Senior Vice President for Upstream Business Development, Denie S. Tampubolon.

Since 2002, Pertamina has conducted acquisition of overseas assets including in Vietnam, Malaysia, Iraq, Sudan, Qatar, and Algiers.

Editing by Reiner Simanjuntak