JAKARTA-General Meeting of Shareholders (AGM) of PT Pertamina (Persero) held on Thursday (20/01/2011) approve capital expenditures of Rp. 37.1 trillion or an increase of 86.4% compared to 2010 amounted to USD prognosis. 19.9 Trillion. Capital expenditure is 76.4% or Rp. 28.4 trillion will be spent on upstream sector and 23.6% are for development in the downstream sector. GMS also set a target acquisition profit of Rp.17, 7 trillion, an increase of 14.2% compared to 2010 amounted to Rp.15 prognosis, 5 Trillion. Work Plan and Budget 2011 have been prepared through aggressive strategy in the upstream and profitable in the downstream.
To achieve this target, Pertamina will continue to accelerate the ongoing transformation through increased reserves and production growth of oil, gas and geothermal in the upstream sector, increased added value in processing and more expansive in marketing superior products in the downstream sector.
Oil and gas production target of 2011 was pegged at 470.31 million barrels of oil equivalent per day or an increase of 26.81 thousand barrels of oil equivalent per day compared prognosis 2010 amounted to 443.5 thousand barrels per day. Pertamina Geothermal Production in 2011 is also targeted to increase 800 thousand tons to 16.5 million tons, equivalent 2188 Giga Watt hour compared to production in 2010 amounted to 15.7 million tons, equivalent 2089 Giga Watt hour.
The development of upstream investment in exploration drilling included drilling 76 wells and 221 development wells. For geothermal, Pertamina would develop the field Hululais, Sungaipenuh, Lumut Balai, Ulubelu, Karaha, Kamojang, Lahendong 5-6 and Kotamobagu with a total installed capacity of 1092 Megawatts.
Target fuel production in 2011 was also set at 247.3 million barrels, an increase of 11.8 million barrels compared to fuel production in 2010 amounted to 235.5 million barrels, as well as to target non-fuel production increased to 23.9 million barrels in 2011, an increase of 1.7 million barrels compared to the production of 2010 amounted to 22.2 million barrels. Volume sales of non PSO is also expected to increase over the previous year, non-PSO retail petroleum products are targeted to increase 330 thousand kilo liters or a kilo of 1.56 million liters in 2011 compared to prognosis sales 2010 amounted to 1.23 million kilo liter.
Pertamina Lubricants Sales will also be more expansive with a target sales in 2011 amounted to 546 thousand kilo liters or take 88 thousand kilo liters compared prognosis 2010 amounted to 458 thousand kilo liters. For business aviation, aviation fuel sales are targeted to increase to 3.3 million kilo liters or take 110 thousand kilo liters compared to 2010 amounted to 3.19 million kilo liter. The parameters used to set targets in 2011 the oil price level of USD 80/barrel and the exchange rate of Rp 9000/USD.(*)
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