Indonesian Govt Sets Pertamina Production Goal High for 2008

PT Pertamina, the state-run oil and gas company in Indonesia, revealed that the government has defined a target 2008 production of 181,000 barrels of oil per day, reports Thompson Financial. This is a 26% increase in production from 2007.

Last year's production grew 10%, finishing at 143,000 barrels a day.

Estimates for Pertamina's natural gas output for the year have projected a rise to 1.49 billion cubic feet a day (Bcf/d), up from 1.11 bcf/d in 2007.

The company pointed to increased exploration in West Java and South Sumatra, as well as accelerated production. Pertamina also plans to utilize new technologies to vamp up production at old fields.

Reserves for the company rose to 5 billion barrels of oil equivalent (boe) after its discovery of new reserves of 124 million boe last year.

Pertamina trails only ChevronTexaco as the biggest oil producer in Indonesia. Total leads the country in gas production, and again Pertamina comes in second.

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