Pertamina Prepares IDR10 Trillion for Acquisition

Wandrik Panca Adiguna
Wandrik Panca Adiguna - 23 Desember 2010  |  06:23 WIB

JAKARTA: PT Pertamina Hulu Energi (PHE), a subsidiary of State Oil Enterprise PT Pertamina (Ltd), is preparing a fund of up to IDR10 trillion to acquire several oil and gas fields and blocks in Indonesia and overseas next year.

President Director of PHE Dwi Martono revealed the company next year would allocate the same budget as this year, namely IDR5 trillion-IDR10 trillion, for acquisition. However, he still declined to explain in details about the sources of financing. "We have not yet had names to be acquired. What we only have so far is the additional lifting of 9,000 barrels of oil per day (BOPD) that we expect to raise from the acquired fields and blocks, up from 6,000 BOPD this year," he informed yesterday. Some of the regions that PHE is eyeing are Africa, the Middle East, Saudi Arabia, Iraq, and Iran. Dwi added the company might also acquire oil fields and blocks in Indonesia. As to gas block or field, he said PHE would not make any acquisition since it still had sufficient gas stock. "Our gas stock next year will reach around 1.5 BCF," said Dwi. He continued the company for 2011 targeted to lift 280,000 BOPD, rising from 192,000 BOPD in 2010. When asked for confirmation about the progress of PHE's plan to go public, Dwi declined to discuss the matter in details, saying the initial public offering plan was still at its early stage. He inserted that the company had even not yet determined the portion of shares to be offered to the public. (10/wiw)

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