“In the current challenging business, the alliance of the two national oil companies of two close countries becomes important in the business strategy starting from the downstream to the upstream,” he said.

The companies will conduct a joint study in the oil and gas and renewable energy sectors in Indonesia, Kuwait and elsewhere. Both sides have agreed to carry out technical, commercial and financial studies in the upstream, midstream and downstream areas of the business, including marketing, processing, infrastructure and petrochemical, according to the statement.

Pertamina’s energy production increased by 8 percent in the second quarter of this year, to 274,000 barrels of oil per day and 1.6 billion standard cubic feet of In its upstream business, Pertamina's oil production grew 8 percent in the second quarter of this year with 274 thousands barrels per day and 1.6 billion standar cubic feet per day (BSCFD) of natural gas.

Some 27 percent of Pertamina’s oil production comes from overseas operations.

Pertamina is also upgrading its refineries to boost oil output from 1 million bpd to 2.3 million by 2025, and also to integrate the refineries with petrochemical operations.

The company posted a nearly 50 percent decline in profit to $570 million in the first half of this year from the same period last year, due largely to losses on sales of Premium, its low-grade gasoline, and a slumping global oil price.

Source : Jakarta Globe