To Stimulate Lifting, Pertamina Still Intends to Acquire Oil and Gas Blocks Abroad

Oil and Gas Blocks
Oil and Gas Blocks

Pertamina is still planning to acquire some oil and gas blocks abroad. Taufik Adityawarman, Director of Development and Production of PT Pertamina Hulu Energi (PHE), said Pertamina is currently participating in the bidding process for some oil and gas blocks.

“Currently there are several blocks, that we are participating in (bidding). Those (the criteria)  still have large enough reserves, meaning that in the reserve’s terms to production ratio is still quite large, then the production volume can also be large,” he said.

As it is known, Pertamina’s Upstream Subholding through Pertamina International Exploration and Production (PIEP) has several work areas spread across several countries.

Pertamina has ambitions to pursue oil production levels of 1 million barrels per day and gas as much as 4,000 MMSCFD. Thus, there is still a gap between the target and the existing realization, both in oil and gas production.

The strategy of acquiring oil and gas fields abroad is considered to help Pertamina pursue its stated oil and gas production ambitions.