Oil and gas holding PT Pertamina budgeted investment funds worth of US$1.9 billion for the exploration and development of 98 Upstream Oil and Gas projects in 2019. It said the investment constitutes 45% of this year investment funds in the Company’ Work Plan and Budget, which reached US$4.2 billion.
The entire project was carried out by the company’ upstream oil and gas unit operating in Indonesia. The project consisted of 47 projects carried out by PT Pertamina EP, 29 projects by PT Pertamina Hulu Energi, 19 projects by PT Pertamina Hulu Indonesia, two projects by PT Pertamina EP Cepu, and one project by PT Pertamina EP Cepu Alas Dara Kemuning.
In 2019, Pertamina planned to complete 311 exploration and exploitation drilling wells in Indonesia, of which around 38 percent are in the Mahakam Working Area. As of April, Pertamina has completed drilling of 77 wells in the country, consisting of 72 exploitation wells and 5 exploration wells in the existing Working Area.