Pertamina to Increase 2020 Investment by 84%

Indonesian state-run Pertamina has planned an investment of $7.8bn this year for business development, up 84% over 2019, it said on March 7. Close to half of that investment will go into the upstream sector.

"The biggest investment is in the upstream sector, amounting to $3.7bn, so that Pertamina can continue to increase oil and gas production in order to reach the target of 1mn barrels/day," CEO, Nicke Widwayati said. The company is targeting to drill 411 wells this year, an increase of 17% compared with 2019.

In 2020, oil and gas production is targeted at 923,000 barrel oil equivalent/day, up from 2019 estimate of 906,000 boe/d.