Pertamina to triple upstream acquisition spending this year
Thursday, February 4 2010 - 05:54 AM WIB
State oil and gas company PT Pertamina (Persero) said on Thursday that it has budgeted US$1.1 billion for acquisition in 2010.
A figure released by the Company during a parliamentary hearing in Jakarta showed that the Company spent $350 million in acquisition in 2009.
One of the Company?s most significant acquisitions in 2009 was the purchase of 46 percent stake in ONWJ oil, gas block offshore West Java from BP plc. Pertamina paid BP US$280 million for the acquisition.
According to the data released Pertamina will spend $3.2 billion for its upstream business this year versus $1.7 billion last year.
Pertamina is targeting net profit before tax of $ 4 billion this years from its overall operations compared to $2.7 billion last year. (godang/bernard)