Pertamina to invest $3.75 billion for upstream projects this year
Monday, March 17 2014 - 01:02 AM WIB
The company said in a statement received late Sunday that the planned investment for this year is higher compared to last year?s $3.02 billion, and is equal to about 48 percent of the company?s 2014 capital expenditure plan of $7.8 billion.
The investment will be used to finance more than 600 upstream projects from oil and gas to geothermal at home and overseas, both offshore and onshore. The planned investment does not include investment for acquisition of upstream assets the company is planning to help accelerate growth of oil and gas reserves and production as stated in the 2012-2016 corporate plan.
Pertamina has set a 2014 oil production target of 280,200 bpd, comprising of 220,700 bpd from existing working areas, and 59,500 bopd from acquisition of assets. Meanwhile, gas production is targeted at 1,568 mmscfd, and geothermal at 3,036 GWh.
Among of the upstream projects to be developed this year are the development of the ONWJ Block (YY and FSB wells) in West Java with additional production target of 5,300 bopd and 27 mmscfd of gas; the development of six fields I the WMO Block (KE 6/7, 12, 14, 29, 48 and 44); and the development of the Paku Gajah field owned by subsidiary Pertamina EP. The latter field has started put on production since 2010 with gas production of 24 mmscfd, and oil production of 488 bopd. The drilling of three additional wells is expected to produce peak production of 45 mmscfd in 2015, Pertamina said.
Editing by Reiner Simanjuntak