Energy
Petro皇冠体育app to boost investment in Indonesia
(Xinhua)
Updated: 2010-05-03 14:49
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JAKARTA: Chinese oil and gas firm Petro皇冠体育app 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 Petro皇冠体育app's business subsidiary in Indonesia, Petro皇冠体育app International Indonesia, had set aside as much as $491 million and plans to increase the figure to $639 million in 2010.
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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.
Petro皇冠体育app 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.
Petro皇冠体育app Company Limited is part of the restructuring of 皇冠体育app National Petroleum Corporation.
