State oil and gas firm PT Pertamina has reshuffled its board of directors and added a new directorate aimed at supporting the company’s ambitious plans for upstream expansion.
The new directorate is the investment planning and risk management directorate, to be headed by the company’s former finance director, Frederick S.T. Siahaan.
“There will non-organic growth from our upstream business as we plan many acquisitions,” president director Karen Agustiawan said Friday after an inauguration ceremony.
Pertamina said it had allocated Rp 29.5 trillion (US$3.16 billion) this year for upstream activities.
Of that amount, the company will allocate Rp 10.2 trillion to acquire new blocks in Southeast Asia and Australia, including 24 oil and gas blocks in the country, whose contracts will expire between 2011 and 2020.
Other new directors inaugurated Friday were Rukmi Hadihartini as the human resources director; Waluyo as the general director; Bagus Setiardja as the upstream director; Edi Setianto as the processing director; Djaelani Sutomo as the trading and marketing director, and Mohamad Afdal Bahaudin as the finance director.
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