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Pertamina eyes global energy M&A, has US$2b to spend in 2016

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Indonesia's state-owned energy company Pertamina has a budget of up to US$2 billion for mergers and acquisitions in oil and gas assets this year, a company director said, amid efforts to supply Indonesia's growing domestic energy demand.

[JAKARTA] Indonesia's state-owned energy company Pertamina has a budget of up to US$2 billion for mergers and acquisitions in oil and gas assets this year, a company director said, amid efforts to supply Indonesia's growing domestic energy demand.

Pertamina is looking to buy into projects in countries including Iraq, Saudi Arabia and Russia and will also target expansion in border areas to strengthen Indonesia's sovereign claims, including in the South China Sea, its Upstream Director, Syamsu Alam, told Reuters in an interview on Monday.

Pertamina plans to increase output through mergers and acquisitions by 14,000 barrels of oil equivalent per day (boepd) this year, and by 117,000 boepd in 2017, Mr Alam said.

REUTERS

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