Indonesia’s Pertamina targets higher output in 2014

摘要

Indonesia’s state-owned Pertamina plans to increase its crude and natural gas production by about 12pc this year through acquisitions and higher output from the ExxonMobil-operated Banyu Urip field in east Java. Pertamina expects production to rise to 555,000 b/d of oil equivalent (boe/d) in 2014, including 284,000 b/d of crude. Investment in exploration and production will total $3.77bn, or 48pc of the company’s $7.85bn capital budget for the year. Pertamina’s new production growth target is about three percentage points lower than a projection it made earlier this year. The company has repeatedly cut output forecasts, despite having an ambitious goal of producing 2.2mn boe/d by 2025.