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Pertamina's oil output off target.

Crude oil production of PT Pertamina EP, a subsidiary of state-owned oil and gas company PT Pertamina, fell short of target in the first half this year but exceeded production in the same period last year. Crude oil production of the company totaled 119,000 barrels per day as against the target of 128,000 bpd set by the upstream oil and gas regulatory agency (BP Migas). The daily production in the same period last year totaled only 109,000 barrels. Pertamina E&P President Tri Siwindono doubted the company could reach the target set by BP Migas this year, saying the highest level of daily production is around 123,000 barrels per day. He said Pertamina planned to spend Rp6.4 trillion in investment in the upstream sector but realization so far is only 24% of the amount. Earlier Pertamina said it wants to have a stake of at least 10% in the Makassar Strait Block, which will have a production capacity of up to 800 million cubic feet of gas a per day. Pertamina Vice President Iin Arifin Takhyan said the company will uses its right to have at least a 10% stake as arranged in the production sharing contract of Chevron Indonesia Company, which operates the block.
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Title Annotation:Corporate News in Brief
Publication:Indonesian Commercial Newsletter
Date:Sep 1, 2008
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