Acquisition set to boost Pertamina’s earning

- Reporter

Sabtu, 28 Desember 2013 - 01:16

facebook twitter whatsapp telegram line copy

URL berhasil dicopy

facebook icon twitter icon whatsapp icon telegram icon line icon copy

URL berhasil dicopy

Zonalinenews-Jakarta. State-owned oil and gas firm PT Pertamina expects to see double digit growth in its net profit next year partly due to expectations of higher oil production following acquisitions of several oil and gas blocks recently.

pertamina

 

ADVERTISEMENT

SCROLL TO RESUME CONTENT

The company said on Thursday that its net profits were projected to reach US$3.44 billion next year, almost a 13 percent increase from this year’s estimated net profits of $3.05 billion. The increase in net profit will be supported by solid growth in total revenues, which are expected to increase by 21 percent to $79 billion from the $65 billion target in the 2013 business plan.

Pertamina is optimistic that this year’s financial results will exceed the target thanks to good performance in the first nine months.

According to the data published on its website, Pertamina reported $52.6 billion in revenues in the first nine months of the year, or about 80 percent of its target set for 2013. Meanwhile, net profits reached a total of $2.18 billion in a nine month period ended Sept. 30, 2013, roughly 71 percent of its 2013 full year target.

“Upstream business is expected to contribute more than 50 percent to total operating profit, particularly supported by an increase in production following merger and acquisition activities as well as production from existing fields,” the company said in a written statement regarding its 2014 business plan.

Under next year’s business plan, Pertamina is aiming to reach higher oil production of 284,000 barrels per day (bpd) next year.

Pertamina has been quite aggressive recently with a number of acquisitions both for domestic and overseas fields. In November, the company announced that it had completed the acquisition of a block in Algeria previously owned by a subsidiary of ConocoPhilips in a deal worth $1.75 billion.

Also in late November, Pertamina, through a subsidiary, said that it purchased 10 percent participating interest in the West Qurna I block in Iraq from ExxonMobil Iraq Limited.

Earlier this December, Pertamina announced that it had established a partnership with Thailand’s PTT Exploration and Production Pcl (PTTEP) to purchase stakes in Hess’ 75 percent ownership in Pangkah block and 23 percent in Natuna Sea A block.

Moreover, Pertamina was recently chosen to operate the Siak block in Riau after the Energy and Mineral Resources Minister decided to terminate a contract with PT Chevron Pacific Indonesia, which previously operated the block.

Contradicting with the growing oil field portfolios, Pertamina is expecting lower gas production next year. Under its 2014 business plan, the company’s gas production is expected to slow next year by around 7 percent at 1,567 million standard cubic feet per day (mmscfd).

Pertamina director for gas Hari Karyuliarto said earlier this week that the company also expected lower Liquefied Natural Gas (LNG) cargoes deliveries from its plants due to lower production. He said Pertamina’s plants in Bontang in East Kalimantan and Arun in Aceh would produce a combined 172 LNG cargoes next year, down by around 17 percent from 208 cargoes this year. (*Kontan /The Jakarta Post)

Facebook Comments Box

Berita Terkait

Anggota DPRD Kota Kupang Terpilih Absalon Sine Jadi Tersangka Tipibank
KAI Daop 1 Jakarta Adakan Sosialisasi Anti Pelecehan Seksual di Stasiun Jakarta Kota
Program Bangga Kencana Bukan Pemerintah Membatasi Hak Warga Untuk Memiliki Anak
Dukung UMKM Kaum Muda di Kota Kupang, Standard Chartered dan Plan Indonesia Gelar Business Meet Up Event
Pengembangan Jaringan Indosat di NTT Mengalami Peningkatan 3,7 Kali Lipat
Sebanyak 200 Warga Kurang Mampu di Kabupaten Flotim Dapat Bantuan Listrik Gratis Dari PLN NTT
KAI Commuter Terus Lakukan Inovasi Sistem Keamanan Bagi Penumpang
Melianus Atakay SST, MT Mengucapkan Selamat Idul Fitri 1444 Hijriah
Berita ini 3 kali dibaca

Berita Terkait

Kamis, 17 April 2025 - 16:56

Seorang Pemuda di Kota Kupang Ditemukan Tewas Tenggelam di Lubang Bekas Galian C

Kamis, 17 April 2025 - 15:58

PT. Pertamina Sebut BBM di Kota Kupang Sudah Memenuhi Standar

Kamis, 17 April 2025 - 15:03

Diduga BBM Oplosan Sudah Beredar Luas di Kota Kupang, Sangat Meresahkan Masyarakat

Rabu, 16 April 2025 - 15:14

Raih Poin 75, Tim Hompimpa Jadi Pemenang Turnamen PUBG Mobile Forum Pemuda NTT Kota Kupang 2025

Senin, 14 April 2025 - 16:02

Keluarga Minta Polresta Kupang Kota Tangkap Pelaku Penganiayaan Terhadap Andy Sukmawati

Minggu, 13 April 2025 - 21:24

Gandeng Orang Muda Cendana Wangi, DPD Forum Pemuda NTT Kota Kupang Gelar Turnamen PUBG Mobile

Sabtu, 12 April 2025 - 15:42

DPRD Kota Kupang Bakal Panggil Dirut RSUD S. K. Lerik drg. Dian Sukmawati Arkiang

Jumat, 11 April 2025 - 15:45

Bupati Falen Kebo Siap Jadikan PLBN Napan Sebagai Penggerak Ekonomi dan Pariwisata Indonesia – Timor Leste

Berita Terbaru

Slot Gacor Gampang Menang Dengan RTP Live Tertinggi