Indonesian oil firm to invest in exploration in 2010

Pertamina E & P, a subsidiary firm of Indonesian state-owned oil and gas company PT Pertamina, planned to invest a big chunk of 924 million U.S. dollars next year in oil exploration, a media reported here Friday.

President of the firm Salis A Aprilian was quoted by Antara news agency as saying that the firm would drill 110 wells including 30 exploration wells and 80 development wells.

The government has eased regulation and provided incentives to entice investors in oil and gas sector, as an effort to boost investment to raise the country's dwindling oil and gas production to meet rising energy demand and contract commitments.

Aging wells and lack of investment have been a reason for the decreased oil production in Indonesia.

By admin at 10 12 09 - 21:26 in default

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