Indonesia's Pertamina to Spend $3.77B for Upstream Sector in 2014

Indonesia's national oil and gas firm PT Pertamina has allocated $7.85 billion in capital expenditure for 2014, with the upstream sector accounting for $3.77 billion, or 48 percent of the total, the company revealed in a press release Thursday.

Pertamina, with business across the upstream and downstream sectors, hopes to achieve a net profit of $3.44 billion next year based on a projected revenue of $79 billion, or 6 percent higher than 2013.

The upstream sector is expected to provide Pertamina with over half of its operating income on higher petroleum production from recently acquired producing assests as well as from existing fields.

The Indonesian state-owned firm expects to produce approximately 284,000 barrels of oil per day and 1,567 million standard cubic feet per day of natural gas, equivalent  to 554,700 barrels of oil equivalent per day.



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