Indonesia's state oil company Pertamina Hulu Energi (PHE) estimated its oil and gas production this year at 1.043 million barrels of oil equivalent per day (BOEPD), up 8% from last year, its chief executive Wiko Migantoro said on Tuesday.
For 2024, the company plans to produce 1.071 million BOEPD of and gas, Wiko told a parliamentary committee overseeing the energy sector.
The production covers both its domestic and overseas operations.
Meanwhile, Pertamina plans to invest $5.71 billion next year in its upstream operations, up from this year's $4 billion, Wiko added.
On the downstream, Pertamina expects to complete the capacity upgrade at its Balikpapan refinery in April next year, Nicke Widyawati, chief executive of Pertamina, the parent company of PHE.
Pertamina is expanding Balikpapan's capacity to 360,000 barrels of oil per day (bpd) from 260,000 bpd currently. The refinery would also be able to produce fuel to Euro V emission standards.
"In April next year, Indonesia will have an additional capacity of 100,000 bpd so the total will be 1.125 million bpd," Nicke told the same committee, adding that the upgrade to produce Euro V fuel will be complete in November.
(Reuters - Reporting by Fransiska Nangoy, Editing by Louise Heavens)