Pertamina plans to double capital spending

According to the Jakarta Post, PT Pertamina plans to double its capital expenditure (capex) to 262.3 trillion rupiah (US$29 billion) between 2010 and 2014, to meet a production target of 1 million barrels per day (bpd) over the next five years. Pertamina President Commissioner Sugiharto said that the planned capex between 2010 and 2014 was significantly higher than the capex between 2005 and 2009, which was less than 100 trillion rupiah (US$11.06 billion). Between 50% and 76% of its capital expenditure budget would go towards expanding its upstream portfolio. (December 22, 2010)