Pertamina Earmarks $1B for 2011 O&G Block Acquisitions

JAKARTA (Dow Jones Newswires), Jan. 25, 2011

Pertamina has earmarked $1 billion for acquisition of oil and gas blocks this year as it seeks to boost production, an official said Tuesday.

"Pertamina is keen to buy blocks with crude output of over 5,000 barrels/day and natural gas of over 100 million standard cubic feet/day," Ferederick Siahaan, Pertamina's risk management and investment director told reporters.

The state-owned oil and gas company is in talks with two local companies, he said, without providing further details.

Pertamina officials said last year that the company was also looking to buy overseas assets.

The company said last week it was aiming to boost production to 470,300 barrels of oil equivalent a day this year from a projected 443,500 barrels last year.

It dropped a plan in December to buy a 27.9% stake in PT Medco Energi International after failing agree on the stake's value.

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