Pertamina looking to buy into projects
JAKARTA, April 12, 2016 – Indonesia’s Pertamina has earmarked around USD 2 billion for oil and gas mergers and acquisitions in 2016, Syamsu Alam, the company’s upstream director, said on Monday.
Pertamina hopes to add 14,000 boepd in production this year, and another 117,000 boepd in 2017, Reuters quoted Alam as saying. The company is reportedly eyeing buy-in opportunities in Iraq, Russia and Saudi Arabia.
Indonesia produced 835,000 bopd on average over the first quarter of 2016, a marked improvement over its 2015 crude output of 786,000 bopd. Increased output from the Banyu Urip project in East Java’s Cepu block, jointly operated by ExxonMobil and Indonesia’s Pertamina on 45% stakes, pushed up production.
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