Pertamina to exceed projected net profit

Pertamina, Indonesia’s state oil and gas company, said it is optimistic that net profits for 2011 will reach Rp21 trillion (US$2.3 billion), higher than the projected Rp17.7 trillion (US$1.9 billion) for this year. The company posted a net profit of Rp19.45 trillion (US$2.1 billion) till the third quarter of 2011. The increase in net profit is attributed to the fact that gas production, aviation fuel sales and lubricant sales exceeded their respective targets. The company expects that gas production till the end of 2011 will reach 1,510 million metric standard cubic feet per day (mmscfd), higher than the projected 1,450 mmscfd. Pertamina will spend up to Rp408.6 trillion (US$45.5 billion) from 2011 to 2014 to reach its production target oil of one million barrels of crude oil per day. (December 12, 2011)