Boosting Oil Reserve, Pertamina’s Way

Posted on June 28th, 2009 at 9:46 pm by Akhyari


Indonesia’s very own oil company, Pertamina still ranks in #29 in world’s oil company, which is still far from satisfactory considering the huge potential Pertamina possesses. I heard that the new President Directors, who happens to be a woman, said that Pertamina should be in the World’s Top 10 oil producer in 10 years to come. An ambitious target indeed, but achievable.

There’s only one way to meet the target, which is boosting the production, acquiring stakes in oil companies worldwide, and expanding the production base. And I am sure, the effort is underway. I met a petroleum engineering staff working in Block A in the Gulf of Thailand, and he said that one Indonesian company is part of the international consortium to explore the newly found oil site. (Well, I am not sure whether it is Pertamina, or Medco Energy, an Indonesia-based private-owned oil company).

Beside that, PT Pertamina, Indonesia’s state oil company, said it’s considering buying stakes in oil fields in China, Mexico, Venezuela and Brazil to boost reserves. The state oil company is in talks with China Petroleum & Chemical Corp, known as Sinopec, Petroleos Mexicanos, Petroleos de Venezuela SA and Petroleo Brasileiro SA, the President Director said.

It is considering acquisitions both domestic and abroad to boost its “capabilities” and increase reserves, and is also in discussions with Algeria’s Sonatrach and National Oil Co of Libya on oil field development. Currently, the company has six projects in Libya, Iraq, Sudan, Vietnam, Qatar and Malaysia. Pertamina sets to achieve 84% jump in production in the next 8 years, an attempt to be in World’s Top 10 oil producer.

Way to go, Pertamina!

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