Pertamina to up investment to Rp 5.9t<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
State-owned oil and gas company PT Pertamina plans to boost
\ninvestment this year to Rp 5.9 trillion (US$702 million) from Rp
\n4.7 trillion in the previous period in a bid to increase oil and
\ngas production.<\/p>\n
The investment target was approved at the company's annual
\nshareholders meeting on Wednesday.<\/p>\n
\"Looking ahead, we'll boost our exploration activities. This
\nis in line with our core business in the oil and gas sector,\"
\nPertamina finance director Alfred Rohimune told the press.<\/p>\n
He also said that Pertamina was targeting a higher profit
\nafter tax of around Rp 5.30 trillion this year, compared to Rp
\n3.90 trillion last year.<\/p>\n
Pertamina is intensifying oil and gas exploration to jack up
\noutput amid growing demand at home. Experts had previously said
\nthat new oil finds are essential if the country is to avoid
\nbecoming a net oil importer in 10 years time.<\/p>\n
The country needs new oil discoveries of between 400 million
\nand 500 million barrels annually, which is the same amount of
\ncrude oil currently produced by the nation each year, according
\nan estimate from the oil and gas upstream authority, BP Migas.<\/p>\n
BP Migas said that as of the end of 2003 Indonesia's proven
\nand potential oil reserves stood at 9.75 billion barrels, which
\nat the current rate would be enough to last for 20 years.<\/p>\n
Indonesia now produces 1.081 million barrels per day.<\/p>\n
Pertamina also needed to intensify its exploitation of aging
\noil fields. Such fields normally still contained oil but required
\nadvanced technology for its extraction.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pertamina-to-up-investment-to-rp-59t-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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