Pertamina to intensify exploration in Indonesia’s east amid higher oil, gas output targets

UPDATE 1-Pertamina to intensify exploration in Indonesia’s east amid higher oil, gas output targets

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By Danial Azhar

KUALA LUMPUR, Feb 28 (Reuters)Indonesia’s state energy company Pertamina wants to intensify its exploration efforts in the country’s eastern regions, a senior official said on Wednesday, as it targets higher oil and gas output in the coming years.

The firm will also seek mergers and acquisitions in Africa, the Middle East, and Southeast Asia, Senior Vice President of Strategy and Investment Henricus Herwin said at a conference in Kuala Lumpur.

On Tuesday, Pertamina Chief Executive Officer Chalid Said Salim said upstream unit Pertamina Hulu Energi (PHE) aims to raise its oil production to 627,000 barrels per day.

This would be up from 566,000 bpd in 2023.

Henricus reiterated Pertamina needs to produce more oil and gas “from an energy independence perspective”.

“We also try to intensify our exploration efforts, especially in the east of Indonesia, which is considered immature frontier … and also do mergers and acquisitions to grow our footprint.”

He added the company would also focus on biofuels, petrochemicals, geothermal energy and carbon capture and storage in the years ahead.

The state oil and gas explorer is also targeting natural gas output of 2.769 million standard cubic feet per day (mmscfd) in 2024, Chalid told Reuters on the sidelines of an industry conference, similar to 2.766 mmscfd in 2023.

Pertamina Hulu hopes to build on the momentum and raise its total oil and gas output by another 4%-5% in 2025, Chalid said.

Reporting by Emily Chow, Danial Azhar; Writing by Florence Tan, Kanupriya Kapoor; Editing by Himani Sarkar, Martin Petty

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