State oil and gas
firm Pertamina plans to acquire exploration rights for eight new blocks
overseas, a senior executive at a Pertamina subsidiary has said.
The oil blocks under consideration are in “several countries in the
Middle East,” as well as Thailand, Burma and Vietnam, Salis Aprilian, president
director of Pertamina Hulu Energy, said on Thursday.
He did not specify the locations, but said the blocks had an estimated
capacity of at least 29,000 barrels per day (bpd). PHE’s current average
production is 62,000 barrels per day.
Salis suggested that the acquisitions would benefit Indonesia. “It
would increase Indonesia’s oil reserves, thus improving the country’s energy
security,” he said.
PHE has exploration rights for nine oil blocks in seven countries, but
only two blocks, one in Malaysia and another in Australia, are currently
producing crude oil.
The company has one block in Qatar, one in Sudan, one in Iraq and two
in Libya, which were still in the exploration stage when PHE abandoned them
last year due to security concerns. It also has a block in Vietnam, also not
yet in the production stage.
The parent company, Pertamina, had oil output of 190,000 bpd last year,
below its target of 208,000 bpd.
Pertamina’s overall production stood at 465,300 barrels of
oil-equivalent per day (boed) last year, a measure that includes gas and
condensate. It is expected to reach 532,700 boed this year.
At home, PHE in 2011 was awarded the West Madura offshore block in East
Java that had been developed by South Korea’s Kodeco Energy and the China
National Offshore Oil Corporation.
Net income at Pertamina rose 47.3 percent to Rp 24.6 trillion ($2.7
billion) last year, while revenue reached Rp 553.5 trillion, up from Rp 417.9
trillion in 2010.
Pertamina has set aside Rp 52.8 trillion for capital expenditures this
year, 80 percent of which will be used for its upstream projects.
Indonesia has set its oil production target at 930,000 bpd this year.
Oil production was 903,400 bpd last year, less than the 945,000 bpd set in the
state budget.
Indonesia is estimated to have 106.2 billion barrels of potential oil
reserves, 60 percent of which is located in known offshore basins. Proven oil
reserves are estimated at 4.2 billion barrels.
Antara
The Jakarta Post
Business & Investment Opportunities
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