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number of investors will miss out on state-owned oil and gas firm PT Pertamina's global bonds after the firm booked a four-fold oversubscription for the US$3.25 billion it offered in global bonds.

The US dollar-denominated bonds, which were offered in New York on Tuesday Jakarta time, are meant to finance the firm's planned acquisitions of multinational oil and gas firms operating overseas.

'Pertamina's global bond deal was made with an order book of $14.4 billion, oversubscribed [by 4.4 times],' Pertamina investment planning and risk management director Afdal Bahaudin said here on Wednesday on the sidelines of the 37th Indonesian Petroleum Association (IPA) convention.

Separately, Pertamina finance director Andri T. Hidayat said Pertamina had just completed the 'largest international bond offering' an Indonesian issuer had ever made.

'The offering is a testament to international investors sponsoring Pertamina and a recognition of Pertamina's prospects in years to come,' he said.

Pertamina raised $1.62 billion from 10-year bonds offered with a 4.30 percent coupon rate at the same price, and the remaining $1.62 billion from the 30-year bonds, with a 5.625 percent yield.

Afdal said Pertamina's bonds had attracted 667 international investors from Asia, Europe and the US.

European, US and Asian investors bought 39 percent, 32 percent and 29 percent of the 10-year bonds, respectively, he said.

Meanwhile, 40 percent of the 30-year bonds went to US investors, 38 percent to Asians and 22 percent to Europeans, he said.

Afdal said the funds acquired from the bond sales would likely be used to finance the firm's upstream activities.

Pertamina signed five share-purchase agreements (SPA) with various multinational firms last year to acquire their assets in efforts to boost its output.

Pertamina aims to increase oil production this year by 19,900 barrels per day (bpd), from around the 190,000 bpd recorded at the end of last year.

One of the five SPAs ' the firm's deal with New York-listed Harvest Natural Resources Inc. to buy the latter's stake in Venezuela's Petrodelta SA ' was terminated by the Indonesian government following a disagreement over the investment amount.

On the other hand, Pertamina signed an agreement with US-based ConocoPhillips in December last year to purchase the New York-listed firm's Algerian unit, North ConocoPhillips Algeria Ltd., in a transaction reportedly worth $1.75 billion.

Pertamina raised $1.5 billion from global bonds in 2011 to acquire a stake in an Angolan oil block and other assets abroad, and another $2.5 billion, also from global bonds, in May last year to buy major oil and gas assets in Algeria. This year, Pertamina assigned $6.77 billion in investment to finance upstream and downstream projects and to increase production as well as to strengthen the nation's energy infrastructure.

The Jakarta-based energy firm was recorded last year as the most bankable state-owned company, reaping record-high net profits of Rp 25.89 trillion ($2.67 billion), up 18.4 percent from that a year earlier. The firm is seeking Rp 29 trillion in net profits.