A company executive announced the company would spend $3.75 billion to improve oil and gas and geothermal production.
Local media reported that Pertamina’s vice president of corporate communications said the funding was 24% higher than in 2013, and would be just under half of the company’s total spend.
Total investment expenditure for 2014 has been set at $7.8 billion.
“The investment will be used to finance Pertamina’s more than 600 upstream projects this year in Indonesia as well as overseas,” the company reportedly said.
The company has set its production aim at 280,200 barrels of oil per day and 1.5 million standard cubic feet of gas per day this year.
Pertamina is set to boost existing production up to 220,700 bopd, while another 59,500 bopd will be made available through block acquisitions.
The company has focused in on a number of projects this year, including the development of the Offshore North-West Java wells, which is set to increase production by 5300 bopd and 27 million cubic feet of gas per day.
Six fields will also be developed in the West Madura Offshore Block and the company’s subsidiary, Pertamina EP, will drill three more wells in the Paku Gajah field.
This year Pertamina posted a 97% five-year increase in net income, taking in $3.07 billion for 2013.
This was an 11% increase in year-on-year figures, supported not only by the increase in production but the positive growth of oil and gas trading.
Pertamina said it bucked the national trend of falling production, with year-on-year production jumping from 461,630 boe in 2012 to 465,220 boe in 2013.