Pertamina to raise oil output to 126 barrels next year

State oil and gas company Pertamina said on Wednesday it planned to raise its oil and condensate output to 126,000 barrels per day in 2001 from 89,000 barrels per day at present.

Pertamina's president Baihaki Hakim said in a written statement presented during a hearing with the House of Representatives' Commission VIII for mines and energy that Pertamina would further increase its oil and condensate output to between 150 barrels per day and 218 barrels per day in 2004.

He said Pertamina would account for 10 percent of the total national output if it was able to raise the output to 150 barrels per day and 15 percent if it was able to raise output to 218 barrels per day in 2004.

Today, with an output of 89,000 barrels per day, Pertamina accounted for only six percent of the total national oil and condensate output which stood at 1.4 million barrels per day.

Baihaki said Pertamina would boost operation in the country and try to start production overseas to reach the output target.

Pertamina needed an annual investment fund of US$325 million to increase the output, Baihaki said, adding Pertamina was studying ways to raise the fund. (*)