Good News From Indonesia

Pertamina’s Gas Station in Bogor

Indonesia’s state oil company PT Pertamina is planning to expand its business operations abroad by building gas stations in Australia and other countries. Pertamina will acquire existing gas stations in Australia and Malaysia and run them under Pertamina’s trademark and style.

It hopes to build some gas stations in Australia before the middle of this year, as it has been running lubrication oil outlets in the country Down Under.

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What will happen if a tiger marries a lion? Each has its own special expertise, quality, and superiority. I am sure, the ”new family” will become very powerful. This is going to happen soon in Indonesia. An Indonesia’s internationally-famous Medco Energy, will merge with Indonesian state-owned oil company Pertamina to give birth to a young giant! The new company is planned to compete head-to-head with existing giant like Petrobras (Brasil), Arabco (Saudi Arabia),  or CNOOC (China). Name of the new company is already inside the pocket, quite a good and elegant name –> INDO INC (Indonesia Incorporated).

This is likely to put Indo Inc in the world’s Top 10 oil company. (I hope)

Pertamina has been very good at maintaining retail business, while Medco Energy has been long known as an oil investors elsewhere in the world (US, Oman, Yaman, Cambodia, Libya, Tunisia, etc). Get yourself ready!

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Indonesia’s very own oil company, Pertamina still ranks in #29 in world’s oil company, which is still far from satisfactory considering the huge potential Pertamina possesses. I heard that the new President Directors, who happens to be a woman, said that Pertamina should be in the World’s Top 10 oil producer in 10 years to come. An ambitious target indeed, but achievable.

There’s only one way to meet the target, which is boosting the production, acquiring stakes in oil companies worldwide, and expanding the production base. And I am sure, the effort is underway. I met a petroleum engineering staff working in Block A in the Gulf of Thailand, and he said that one Indonesian company is part of the international consortium to explore the newly found oil site. (Well, I am not sure whether it is Pertamina, or Medco Energy, an Indonesia-based private-owned oil company).

Beside that, PT Pertamina, Indonesia’s state oil company, said it’s considering buying stakes in oil fields in China, Mexico, Venezuela and Brazil to boost reserves. The state oil company is in talks with China Petroleum & Chemical Corp, known as Sinopec, Petroleos Mexicanos, Petroleos de Venezuela SA and Petroleo Brasileiro SA, the President Director said.

It is considering acquisitions both domestic and abroad to boost its “capabilities” and increase reserves, and is also in discussions with Algeria’s Sonatrach and National Oil Co of Libya on oil field development. Currently, the company has six projects in Libya, Iraq, Sudan, Vietnam, Qatar and Malaysia. Pertamina sets to achieve 84% jump in production in the next 8 years, an attempt to be in World’s Top 10 oil producer.

Way to go, Pertamina!

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By Upstream staff

Roc Oil offshoot Anzon Australia has sold a 10% stake in the Basker Manta Gummy project off the Australian state of Victoria to Indonesia’s Pertamina for $31.5 million.

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When Indonesia finally quit from OPEC last year, I straightly thought that Indonesia would no longer be fuel exporter, as the reason behind the withdrawal was simply because Indonesia produces less than 1 million barrel a day. Then I managed to think further, that actually, OPEC is just a bunch of greedy nations that tries to dominate and control the price of oil worldwide by cutting the producer to make the price rises, and vise versa.

Pertamina, Indonesia’s state-owned oil company, is listed in the 30 biggest oil company in the world, and it is going up and up, due to its venture to find oil blocks elsewhere in the world. Even still surprising, this news is not really shocking. Source www.BKPM.go.id

Pertamina to export airplane fuel in June

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