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Jakarta Post
The Jakarta Post
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Pertamina halts plan to acquire Russian fields

  • Viriya P. Singgih

    The Jakarta Post

Jakarta | Fri, August 18 2017 | 12:23 am
Pertamina halts plan to acquire Russian fields Syamsu Alam: Tribunnews" width="512" border="0" height="304">Syamsu Alam (Tribunnews)

Meanwhile, Pertamina has sent a proposal to the Iranian government-owned National Iranian Oil Company (NIOC) in February to develop two oil and gas fields in Iran, namely the Ab-Teymour and Mansouri fields.

The two fields are estimated to contain 1.5 billion barrels of reserves each and are expected to produce 200,000 bopd each.

In the first six month of 2017, Pertamina’s overseas oil and gas production grew almost 30 percent annually to 152,000 barrels of oil equivalent per day (boepd), while domestic production only climbed 0.2 percent to 540,000 boepd.

The foreign fields produced 104,000 bopd and 291 million standard cubic feet per day (mmscfd) of gas, an increase of 23.8 percent and 47.7 percent, respectively.

In the long run, Pertamina aims to jack up its oil and gas production to 1.9 million boepd by 2025, 34.2 percent of which will come from its overseas fields.

Pertamina’s decision to be more aggressive in overseas territories has come in the wake of declining national oil production and ever-growing fuel consumption.

Within the first six months of this year, Pertamina’s fuel sales increased by 4 percent to 32.6 million kiloliters year-on-year.

Elia Massa Manik: (JP/Jerry Adiguna)

PREMIUM State-owned energy company Pertamina is finding it difficult to acquire two energy blocks controlled by Russian oil firm Rosneft because of the high acquisition tax the firm has to pay to Indonesian authorities to clinch the deal.Pertamina will team up with Rosneft to develop the new US$15 billion Tuban refinery in East Java. It is projected that the refinery will process 300,000 barrels of oil pe...