Pertamina to invest US$1 billion to boost oil, gas production

State oil and gas company PT Pertamina will invest up to US$1 billion this year to increase crude oil production by more than 50 percent and natural gas production by approximately 70 percent by 2009.

Pertamina president director Ari H. Soemarno said during a the hearing with House of Representative?s members Monday that under the expansion plan, Pertamina will drill 157 wells, including exploration, development, production wells.

He said that oil production was expected to increase by 70,640 barrels per day, or 53 percent, while gas production is expected to rise by 792 million cubic feet per day, or 70 percent by the end of 2009. (godang)