Jakarta - State owned energy company PT Pertamina said its oil production is expected to rise only 1 percent on-year to 200,000 barrels per day this year or falling short of its target of 205,000 barrels per day.
Its gas production is expected to reach 1.6 billion cubic feet per day overshooting its target by 2 percent, Pertamina's Upstream Director M Husen said .
Next year, the target for its oil production is set to be 5 percent higher than this year, Husen said here on Thursday.
The company also expected an increase in its gas production next year, he added, giving no figure.
Pertamina's production is contributed mainly by its subsidiaries PT Pertamina EP and PT Pertamina Hulu Energi.
President Susilo Bambang Yudhoyono is scheduled to officially commission a number of Pertamina's projects Thursday.
The president will commission the project symbolically at the Floating Strorage and Regasification Unit (FSRU) of West Java -Nusantara.
Some of the projects are expected to serve as stepping stones to reach its ambition to become a world class energy company in 2025.
Earlier PT Pertamina said it had set aside Rp64 trillion (US$6.7 billion for capital expenditures next year.
Pertamina's Finance Director Andri T Hidayat said the investment rose 10 percent from US$5.8 billion set for this year.
"The largest portion of investment would be in the upstream sector to boost crude oil production by intensifying drilling," Andri said.(*)
COPYRIGHT © ANTARA News Jawa Timur 2012
Editor : Chandra Hamdani Noer
COPYRIGHT © ANTARA News Jawa Timur 2012