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Jakarta Post

Pertamina plans to invest $2b to boost upstream operations

  • Riyadi Suparno

    The Jakarta Post

Nusa Dua, Bali   /   Mon, May 4 2009   /  02:07 pm

After decades of monopoly, state oil and gas company PT Pertamina is trying to beat the rising competition by investing more in the upstream sector, where competition is scarce and returns are higher. According to Pertamina deputy president director Omar S. Anwar, the company plans to increase its investment by 25 percent to Rp 22 trillion (US$2 billion) this year, 65 percent of which will be used to finance upstream investment projects. The company plans to double its investment budget to Rp 41 trillion by 2012, again with a focus on upstream projects. Omar said the company would focus its operation on the upstream sector, including in the oil, gas and geothermal fields, because all the big industry players got their fortunes from their upstream operations. "The future of the oil and gas industry is in the upstream sector, and we don't want to be left ...