Indonesian state-owned oil and gas company Pertamina said it is prepared to invest up to $100 billion to reach the 943,000 barrel per day (bpd) target by 2030. It is currently in talks with several mine operators, both local and foreign, for acquisition opportunities. Pertamina director Syamsu Alam said the company is eyeing blocks with production capacity above 35,000 bpd and at least 50 million barrels of reserves. In the next few days, Pertamina will start negotiations with Iran on two concessions, each with three to four billion barrels of estimated reserves. “We could buy the assets directly or purchase the shares from the operators.
Pertamina as the largest oil company of the state continues to expand its wings through the negotiation with other country like rusia, iran, japan. So far,indonesia has owned assets in malaysia, algeria and iraq.
Meanwhile the government under the cabinet of work of jokowi widodo pushed the company to take advantage of domestic resources like block masela and mahakam. Block masela itself is one of the most strategic oil well projected to be able lasting for next 20 years.
It is estimated to have 10.73 trillion cubic feet in reserves, a larger figure than the Mahakam gas block. Gas production from Masela, which is located in the Arafura Sea, is projected to be able to last for more than 20 years. The block is 65 per cent owned by Japan’s Inpex Corp and 35 per cent by Royal Dutch Shell.
Government calls for pertamina to take the share of 20% from block masela that is basically operated by two foreign companies mentioned. Pertamina itself continued to grow especially after the decision of BUMN minister to merge the National Gas Company (PGN) with it. Through this the sector gas as another major business of pertamina is predictably to grow fast. Meanwhile in oil sector pertamina aims to build the grassroot refineries which is totally around $10b to $15b with the capacity of 300.000 bpd each.
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