PERTAMINA RAISES OIL
Indonesia's state energy firm PT Pertamina is planning to buy mostly overseas oil and gas assets to help raise its output nearly five-fold to 2.2 million barrels per day (bpd) by 2025.
Southeast Asia's largest economy was once self-sufficient in oil and gas production and is a former member of the Organization of the Petroleum Exporting Countries (OPEC). But it has been struggling for years to attract enough investment to halt declining domestic output, which has dropped to about half of its 1995 peak of 1.6 million bpd.
Pertamina said in statements issued on Thursday, a public holiday in Indonesia, that it plans to acquire mainly oil and gas blocks that are producing or at the development stage, as well as assets that have significant oil reserves.
"Oil and gas imports largely contributed to Indonesia's current account deficit last year. There's probably a greater drive towards achieving energy self-sufficiency," said Gundy Cahyadi, a Singapore-based economist at DBS Bank.
Pertamina said 70 percent of its oil and gas acquisitions would be of overseas assets, which were expected to provide 600,000 bpd of the total output target.
Pertamina did not specify countries where it is planning to look for assets, how much it planned to spend or how it would raise the money.
"Non-organic growth through acquisitions of assets overseas will give an important contribution to the growth in Pertamina's production ... and add to the supply of crude oil to fulfil Indonesia's needs," Denie S. Tampubolon, Pertamina's senior vice president of upstream business development, said in a statement.
Pertamina's current oil and gas output is 465,220 barrels of oil equivalent per day.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.