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Pertamina allocates US$54 billion to strengthen upstream industry
State-owned energy giant Pertamina has allocated US$54 billion in investment for the upstream industry between 2016 and 2025, aiming for a 185 percent increase in oil, gas and geothermal production.
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President Joko "Jokowi" Widodo speaks to journalists on the sidelines of the inauguration of three geothermal power plant (PLTP) projects worth US$532 million owned by state-owned energy giant Pertamina in Manado, North Sulawesi, on Tuesday. (JP/Lita Aruperes)
State-owned energy giant Pertamina has allocated US$54 billion in investment for the upstream industry between 2016 and 2025, aiming for a 185 percent increase in oil, gas and geothermal production.
In 2025, Pertamina aims to produce oil, gas and geothermal energy of around 1.91 million barrels of oil equivalents per day (boepd), a significant jump from 0.67 million boepd in November last year.
“Hence, we want to be more aggressive in strengthening the upstream industry by trying to exploit more domestic and overseas oil and gas blocks,” Pertamina spokesperson Wianda Pusponegoro said on Tuesday.
Among the targeted blocks are the Attaka and East Kalimantan blocks, operated by Chevron Indonesia until March 2017, and South East Sumatra block operated by China National Offshore Oil Corporation-Southeast Sumatra Ltd. (CNOOC SES) until September 2018.
Moreover, Pertamina also expects to start the development of the Balikpapan refinery upgrade project in East Kalimantan in the first quarter of this year. Meanwhile, the groundbreaking ceremonies for the Cilacap refinery upgrade project in Central Java and the new Tuban refinery project in East Java are slated for the third quarter.
In total, Pertamina aims to boost its refined oil production capacity to 2.3 million barrels of oil per day (bopd) by 2025 from 1 million bopd in 2015. (ags)
