Pertamina aims to make Rp 23.5t in net profits next year
Rangga D Fadhillah, The Jakarta Post, Jakarta | Mon, 12/19/2011 8:00 PM
State oil and gas firm PT Pertamina set its net profit target at Rp 23.5 trillion (US$2.6 billion) for 2012, a 32 percent jump from the 2011 target.
The company claimed it was confident that the target was realistic because by the end of this year, it was predicted to make unaudited net profits of Rp 20.7 trillion, exceeding this year’s target of Rp 17.7 trillion by 16 percent.
In its 2012 work and budget plan, Pertamina aims to increase revenues by 15.6 percent, from 2011 planning levels of Rp 456.5 trillion to Rp 527 trillion for next year. It also plans to produce 532,700 barrels of oil equivalent (boepd) of oil and gas comprising 244,000 barrels of oil and 1,672 million standard cubic feet per day (mmscfd).
Current company estimates show that in 2011 oil production will reach 196,800 bpd while gas production will reach 1,555 mmscfd. Geothermal production was predicted to reach 2,199 gigawatt-hour (GWh) in 2011, while next year, the number is expected to touch 2,364 GWh.
To expand its businesses, Pertamina set aside Rp 52.8 trillion for investment – 80 percent for the upstream sector, and 20 percent for downstream investments.
