Iran and Indonesia, fellow OPEC members have signed a memorandum of understanding (MOU), in an effort to help Iran develop their oil and gas field blocks. Syamsu Alam of Pertamina has announced, “there are two to four blocks that will be evaluated based on the initial study; of the four, there are two blocks that will be our priority.”
As part of their upstream development plans, Pertamina is planning to increase crude production to 30,000 barrels per day in their upstream development plans. Pertamina president Dwi Soetjipto announced out of the $5.31US billion in capital expenditure for the company, 72 percent or $3.8 billion has been budgeted for the upstream sector.
Pertamina’s presence overseas can bee seen in Iraq, Algeria and Malaysia. In Iraq alone, Pertaminas West Qurna 1 Block already produces an average of 33,500 barrels per day (2015). The company plans to spend approximately $2US billion in mergers and acquisitions this year.