"Pertaminas crude production currently represents 24 percent of the total domestic crude production. Therefore, we need to increase production by building new refineries and following a refinery acquisition program," Pertamina President Director, Dwi Sutjipto said on the sidelines of the State-Owned Enterprises Forum on Thursday.
The crude production is far less than the oil production capacity of other countries, he said.
"The crude production of the national oil company of other countries may reach 79 percent. Our production is relatively small," Dwi stated.
He said upstream oil and gas production in 2015 was projected to reach 584,000 barrels of oil equivalent per day (BOE/D).
The oil and gas production would serve as the basis for the company to increase its upstream business activities by, among others, acquiring oil blocks abroad, including those in Algeria, he said.
"To increase crude production, Pertamina will invest US$3 billion per year. The investment will reach about US$30 billion in the next 10 years," he said.
Dwi said earlier oil and gas production this year was projected to reach 619,200 barrels of oil equivalent per day, consisting of oil production at 329,440 barrels per day and gas production at 1.668 million cubic feet per day.(*)
Editor: Heru Purwanto
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