Indonesian state Pertamina plans to spend $1 billion this year acquiring oil and gas blocks, the company's director of in- vestment and risk management, Ferederick Siahaan, said in Jakarta this week. The company is looking for blocks with oil out- put of more than 5,000 b/d and gas pro- duction of over 100 MMcf/d, he said. Pert- amina last year considered buying a stake in the country's largest independent up- stream company, Medco Energi, which would have given it access to domestic and international assets, but decided against it after a parliamentary commission said it would be better off buying fields directly (IOD Dec.2'10,p6). Pertamina had set aside $1.1 billion for acquisitions last year, but it is unclear if it spent it all.
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