An additional investment of at least Rp1,000 trillion in 10 years would be needed to increase the assets of Pertamina 2.5 times of what it has at present and beat Petronas, Dwi Soetjipto, the president director of the state-owned oil and gas company, said here on Wednesday.
Dwi said satisfactory performance was recorded by Pertamina in 2016 with profit of around Rp40 trillion (US$3 billion).
"This was the first time Pertamina was ahead of Petronas in term of profit," he said.
Pertamina reported around US$40 billion in income though declining as a result of oil price fall.
In the first half of 2016, Pertamina reported US$2.38 billion in profit as against Petronas US$1.6 billion.
Dwi attributed the good performance to improved efficiency in the past two years.
In the past two years we have focused on improving efficiency. In 2015, efficiency saved around US$800 million and in the first 11 months of 2016 efficiency of US$2.8 billion was a breakthrough project," he said.
With a number of breakthroughs Pertamina could beat Petronas such as synergy with PT Perusahaan Gas Negara (PGN) and the Special Unit of Upstream Oil and Gas (SKK Migas), he said.(*)