Indonesia state-owned oil company Pertamina has raised its upstream budget by 10% from US$2.6bn to US$2.9bn (+7.4% on the previous year budget of US$2.7bn), in order to reach its full-year production target of 922,000 boe/d (up from 921,000 boe/d realised in 2018). The group plans to invest US$1.9bn in 98 new upstream projects, that will be be carried out by Pertamina’s upstream subsidiaries, namely PT Pertamina EP (47 projects), Pertamina Hulu Energi (29 projects), Pertamina Hulu Indonesia (19 projects), Pertamina EP Cepu (1 projects) and Pertamina EP Cepu ADK (1 project).
Meanwhile, Indonesia oil and gas regulator SKK Migas announced that more than US$5.2bn were invested in Indonesian upstream projects in January-June 2019, up from US$4.5bn over the same period of 2018 (+16%). SKK Migas expects that nearly US$14.8bn will be invested in upstream oil and gas activities in the whole 2019.