Energy

PetroChina to boost investment in Indonesia

(Xinhua)
Updated: 2010-05-03 14:49

JAKARTA: Chinese oil and gas firm PetroChina is increasing investment in oil and gas exploration and development in Indonesia through its local subsidiary by 30 percent this year to boost oil lifting and counteract declining production, the Jakarta Post quoted an official as saying on Monday.

Budi Setiadi, the company's vice president, told the daily that PetroChina's business subsidiary in Indonesia, PetroChina International Indonesia, had set aside as much as $491 million and plans to increase the figure to $639 million in 2010.

"We are carrying out aggressive exploration activities both to anticipate the natural decline and boost production," said Budi.

He added that the company planned to drill 21 exploration wells this year. These exploration activities are estimated to cost the company $23 million, including $2 million for seismic survey.

PetroChina has set targets to produce as much as 106,000 barrels of oil equivalent per day (bpd) is operation in Indonesia, up from 104,000 bpd in 2009.

PetroChina Company Limited is part of the restructuring of China National Petroleum Corporation.