JAKARTA (Yosefardi) – State oil and gas company PT Pertamina plans to invest US$400 million for achieving production target of 128,889 barrel oil per day (bopd) this year and 818.45 million metric standard cubic feet per day (mmscfd) of natural gas.
Pertamina targets to drill 87 development wells this year. In 2013, Pertamina spent US$460 million for funding the drilling of 111 wells.
Currently Pertamina E&P produces 121,030 bpd for crude oil and 779/50 million mscfd of natural gas.
As Pertamina’s production is on declining trend (by 12-15% per year), Pertamina will boost production of the enhanced oil recovery (EOR) segment, targeted for 3,300 bpd this year.