Pertamina broadens global upstream reach

摘要

Indonesian state-owned oil company Pertamina is diversifying its overseas upstream portfolio, as lower oil prices and maturing fields raise the prospect of a sharp decline in domestic output. Pertamina this month reached an initial deal with Russian state-controlled oil firm Rosneft to take stakes in two oil fields in Russia, in what would be its first investment in the country’s upstream. Pertamina is considering taking a 20pc stake in the producing 106mn bl northern dome of the Chaivo field off Sakhalin island in the far east of Russia, and a 37.5pc stake in the 3.7bn bl Russkoye heavy oil field in the north of the country. A final deal on the upstream ventures would extend the developing relationship between Pertamina and Rosneft. The agreement was announced as Rosneft firmed up its planned investment in a new 300,000 b/d refining and petrochemical project at Tuban on Indonesia’s Java island, in which it will take a 45pc stake and Pertamina will hold 55pc.