State oil company Pertamina is seeking overseas partners to join it in $18 billion of projects aimed at raising production and fuel refining, Pertamina president director Ari Soemarno said.
Pertamina, which is expected to have earned a record Rp23 trillion, or $2.5 billion, in 2006, aims to double crude output to 300,000 barrels a day within four years and modernize four of its biggest refineries, the International Herald Tribune reported.
Alliances have been agreed with Statoil, Royal Dutch Shell and Singapore Petroleum, he said. .
"We know we still have, to an extent, a lack of expertise, lack of experience and lack of funds," Soemarno said. "We definitely won't be able to achieve our targets alone."