Tuesday, 2nd September 2014

Pertamina plans to raise oil production

Selasa, 19 Juni 2012 00:29 WIB | 1.753 Views
Jakarta (ANTARA News) - State oil and gas company Pertamina plans to raise oil production by 28,000 barrels per day by acquiring a number of oil fields abroad.

"This year, the company has assigned me to raise production by at least 28,000 barrels per day," Pertamina upstream director Muhammad Husein said here on Monday.

Pertamina was eying oil fields abroad which had gone into production, including those in Kazakhstan, Algeria, and Iraq.

"Unfortunately, we have yet to acquire any of the oil fields abroad," he said.

He said Pertamina could acquire stake in one of the oil fields or take part in a tender for the operation of the oil fields in cooperation with other oil and gas companies.

"Pertamina prefers acquiring oil and gas blocks which have gone into production to investing in oil exploration. So we just buy shares of one of the oil and gas companies operating the blocks," he said.

He said Pertamina was waiting for normalcy in violence-plagued Libya before it could operate its two blocks in the North African country.

"We are now waiting until the security condition there has returned to normal," he said.

Pertamina through Pertamina E&P Libya Limited is operating Sirt and Sabrata blocks off the Libyan coast.

Pertamina explores and produces oil and gas in Libya under an agreement with the National Oil Corporation (NOC).  (*)