Indonesia's state-owned oil and gas major is planning a "massive expansion" over the next few years.
Pertamina's current HQ is set to be replaced by huge twin towers Image: Pertamina |
Pertamina revealed a total of nearly $16bn-worth of planned investment on both upstream and downstream projects as well as a new $100m, 80-storey high headquarters building in South Jakarta.
Amongst the projects is enhanced oil recovery development by three Pertamina's subsidiaries which will soak up almost the entire investment budget but is set to produce an extra 80,000b/d of crude by 2025 and will bring it close to, or beyond Indonesia's leading oil producers - Total and Chevron - which currently produce significantly more than 300,000b/d each.
The remaining investment will also help to bring Pertamina closer to its regional peers - including Petronas and PPT PCL - including development of its distribution network and natural gas processing, liquification and storage activities.
The country's President, Susilo Bambang Yudhoyono, claimed the investment would help to make Pertamina a “world-class energy company” and “Asia’s energy champion” as well as contributing significantly to the national economy and job infrastructure. That being said, Pertamina is already making a significant contribution to the nation coffers with a $1.4bn annual tax input.