Jakarta Post: Pertamina EP Earmarks $300 Mln for Exploration in 2013

Pertamina EP, a subsidiary of Indonesia’s state-run oil and gas company PT Pertamina, has set aside USD 300 million for exploration activities in 2013.

The Jakarta Post has reported that the upstream oil and gas company plans to drill 28 new exploration wells, a step-up from 24 wells drilled last year, hoping to find new hydrocarbon reserves in order to hike up future production.

The Indonesian newspaper added that the company was looking to discover 265 million barrels of oil equivalent [boe] of hydrocarbon reserves consisting of 95 million barrels of oil and 983 billion cubic feet of gas.

Pertamina EP working areas consist of three regions namely Sumatra, Java and Eastern Indonesia Regions.

[mappress]