Pertamina to spend Rp4.2 trillion for expansion
Monday, June 21 2004 - 03:26 AM WIB
State owned oil and gas company PT Pertamina will invest about Rp4.2 trillion to expand exploration activities and develop more oil and gas wells within the next few years in a bid to further increase its oil and gas production, Bisnis Indonesia reported on Monday.
Pertamina’s director for upstream operation Bambang Nugroho said in Jakarta last week a larger part of the Rp4.2 trillion expansion funds would come from the company’s 2004 budget.
Bambang said that the expansion works would include exploration of new fields in Serang (northern part of Sumatra), Suban (central part of Sumatra) and in Tika, Musi, Gunung Kemala, Lembak in South Sumatra.
He said that in addition, Pertamina would carry out exploration activities in Muara Gembong, West Java, Kedunglusi, Central Java, Cepu and Kawengan, East Java and Sunggata and Bungalun in Kalimantan.
With the new exploration activities, Pertamina expects to be able to produce 250,000 barrels of crude oil per day and 1,500 million standard cubic feet per day of gas in 2008. At present, Pertamina produces 130,000 barrels of crude oil per day and 1,000 million standard cubic feet of gas per day. (*)