Pertamina to increase oil production by 35 percent this year

State owned oil and gas company Pertamina has set a target to increase oil production by about 35 percent to 54.3 million barrels in 2006 from about 40 million barrels in 2005.

"The production target for 2006 is equivalent to about 149,000 barrels per day, an increase from about 136,000 bpd in 2005," Pertamina's director for upstream operation Hari Kustoro said in Jakarta on Monday.

The additional oil production is expected to come from the company's old oil wells which would be further developed this year to increase their production level.

"We will invest about Rp 5.5 trillion this year, and allocate about Rp 8.1 trillion for upstream operation," he said. In 2005, the company produced gas of about 1,003 million cubic feet or about 88 percent of the target. It also produced 8.54 million tons of geothermal or equivalent to about 1,098 megawatt of power supply.(Godang)