Pertamina To Spend IDR5.9T on Expansion in 2004

Pertamina plans to spend around 5.9 trillion rupiah ($1=IDR8,485) next year on business expansion and oil and gas exploration, a senior official at Pertamina said Thursday.

Bambang Nugroho, Pertamina's upstream director, said the company will use around 93% of total funds to expand its business, while the remainder will be used to fund exploration efforts.

He said the company's investment for next year will be higher than the IDR4.6 trillion it spent this year. Pertamina discovered 424 million barrels of oil reserves during exploration efforts this year.

It also found 3.3 trillion cubic feet of gas reserves this year, with around 1.2 TCF already certified as proven.

Indonesia, the only Southeast Asian member of OPEC, currently produces around 1.1 million barrels a day of crude oil, below its OPEC quota of 1.270 million b/d.