JAKARTA (Yosefardi) – State oil and gas company PT Pertamina allocates US$900 million to US$1 billion for acquiring oil and gas blocks in 2016.
Pertamina targets to acquire one block overseas such as in Iran next year. Pertamina targets its oil production overseas to 90,000 barrels per day (bpd). Pertamina’s blocks oversease are such as Aljazair, Iraq, and Malaysia.
Pertamina booked net profit of US$914 billion in the first nine months to September of 2015, dropped 45% year on year. Revenue fell 42% to US$31.99 billion.