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Pertamina to heighten expedition in Indonesia's east amid greater oil, gas output targets

Indonesia's state energy business Pertamina wishes to heighten its exploration efforts in the country's eastern regions, a senior official stated on Wednesday, as it targets higher oil and gas output in the coming years.

The firm will also seek mergers and acquisitions in Africa, the Middle East, and Southeast Asia, Elder Vice President of Technique and Financial investment Henricus Herwin stated at a conference in Kuala Lumpur.

On Tuesday, Pertamina President Chalid Said Salim stated upstream system Pertamina Hulu Energi (PHE) intends to raise its oil production to 627,000 barrels per day.

This would be up from 566,000 bpd in 2023.

Henricus reiterated Pertamina requires to produce more oil and gas from an energy independence perspective.

We likewise try to intensify our exploration efforts, especially in the east of Indonesia, which is considered immature frontier ... and likewise do mergers and acquisitions to grow our footprint.

He included the company would likewise concentrate on biofuels, petrochemicals, geothermal energy and carbon capture and storage in the years ahead.

The state oil and gas explorer is also targeting gas output of 2.769 million standard cubic feet daily (mmscfd) in 2024, Chalid informed on the sidelines of a market conference, similar to 2.766 mmscfd in 2023.

Pertamina Hulu wishes to build on the momentum and raise its overall oil and gas output by another 4%-5% in 2025, Chalid stated.

(source: Reuters)