Pertamina to Increase Oil Production
Thursday, 08 June, 2006 | 14:47 WIB

TEMPO Interactive, Jakarta: PT Pertamina Production Exploration (EP) is to double its production during the next four or five years.

According to Kun Kurnely, Managing Director of Pertamina EP, the division targets oil production of 180,000 barrels per day and gas production of two billion cubic feet.

To reach this target, Kurnely said, it will carry out several steps among that are part of the company’s business development plans.

He explained that between 2006 and 2008), capital expenditure was set at Rp11 trillion, and operational expenditure at Rp11.1 trillion.

In the next three years (2011-2014), the capital expenditure target is R14.1 trillion, and the operational expenditure target is R14.8 trillion.

Currently, there are already eight financial institutions that are willing to fund the plan.

They include four local and foreign banks, as also as four financial institutions where negotiations are still underway.

Nieke