The Jakarta Post reported that Chinese oil and gas firm PetroChina will increase its investment in oil and gas exploration and development in Indonesia by 30% this year to boost oil lifting and counteract declining production.
In March, Bloomberg reported that PetroChina planned to invest at least $60 billion in the next 10 years on overseas acquisitions to strengthen its portfolio. PetroChina entered Indonesia’s oil and gas industry in 2002 when the company acquired US-based Devon Energy Companies.
PetroChina’s business subsidiary in Indonesia, PetroChina International Companies in Indonesia, had set aside as much as US$491 million for investment in 2009 and plans to increase the figure to $639 million in 2010, the company’s vice president for partnership and government relations Budi Setiadi told The Jakarta Post recently.
PetroChina has set targets to produce as much as 106,000 barrels of oil equivalent per day (BPD) from its operation in Indonesia, up from 104,000 BPD in 2009.