State oil and gas company PT Pertamina has set aside Rp37 trillion in funds to find new energy sources to anticipate a depletion of supplies from the existing energy sources in 10-15 years’ time.
Pertamina still imported oil and gas to meet part of domestic energy needs, Pertamina Vice President for Corporate Communication Mochammad Harun said here on Tuesday.
"To meet the energy needs while at the same time curbing imports there must be exploration. That is why Pertamina continues to find new energy sources. This year we will spend an estimated Rp37 trillion on the activity," he said.
A great chunk of the investment would go to the upstream oil and gas sector, he said. Pertamina had so far got oil sources from new oil fields in a number of areas including acquiring oil fields from oil companies whose contract of work had expired.
To date, the country’s crude oil output stood at 1.2 million barrels per day while its oil consumption reached 3.5 million barrels per day, he said. "So it is not true to say now that Indonesia is rich in oil. We must find new sources or spend money on importing oil."
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