International Finance
Oil & Gas

Indonesia’s Pertamina to expand overseas in 2020

The oil and gas firm’s total budget to include funds required for expansion in Algeria and Iraq

Indonesia’s Pertamina, plans to expand its investments in overseas projects in 2020. The Indonesia state-owned oil and natural gas corporation Pertamina, is being pushed by the government to expand overseas.

The total budget for the expansion has not been fixed yet. But Dharmawan Samsu, upstream director at Pertamina stated that the budget would include funds required for expansion in Algeria and Iraq’s oil blocks and also to develop the African fields that were acquired through a stake in France’s Murel et Prom.

Rini Soemarno, minister for state owned enterprise in Indonesia, stated that Pertamina will have to acquire new blocks in Africa while improving the existing operations elsewhere.

The 2020 budget proposal for Indonesia’s Pertamina will include 1 trillion rupiah or $70.37 million allocated for buying stakes in offshore oil companies and strengthening the current balance.

Dharmawan Samsu added, “It is the government’s plan and it is positive for us.” He said that the plans regarding the expansion will be discussed with the government.

Pertamina’s target oil output for the year 2019 is 414,000 barrels per day. Out of this total, 112,000 barrels per day is expected to be produced through its overseas operations.

The company had previously decided to export its excess supply of jet fuel due to high stocks.

Pahala Mansury, the finance director at Pertamina had earlier stated that its jet fuel stocks are not too big in terms of volume and that it needs to be either exported or processed into other products. The number of fuel output stocks increased after the completion of Pertamina’s Blue Sky project in Cilacap.

What's New

Iran’s new oil deals: All you need to know

IFM Correspondent

Game changer for Beijing? China finds 100 million tonne oilfield in Bohai Sea

IFM Correspondent

Oil price volatility continues amid geopolitical concerns, interest rate worries

IFM Correspondent

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.