Pertamina Acquisitions to lift production

Aiming for a sharp increase in oil and gas production by 2025, state-owned PT Pertamina (Pesoro) of Indonesia says it will lift oil output this year by 32,000 b/d through acquisitions of interests in Indonesia and elsewhere.

The company said it hopes to be producing 2.2 million boe/d of oil and gas in 2025. Through the first 7 months of this year, its production has averaged 869,000 b/d of crude oil and 8.4 bcfd of natural gas.

It said it aims to acquire four producing areas this year but didn’t specify locations.

“Pertamina has been and will continue to negotiate with our partners to achieve the targets, which we expect to be realized by the end of the year," said Pertamina Pres. Director Karen Agustiawan.

She said Pertamina is on track to complete its acquisition of a 32% interest in Petrodelta SA of Venezuela from Harvest Energy Resources Inc. by March 2013. The companies signed a definitive agreement in June for an all-cash transaction with net proceeds to Harvest, after taxes and costs, of $525 million (OGJ Online, June 22, 2012).

Petrodelta’s gross production is about 32,700 b/d.

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