State energy company PT Pertamina, through its Long-Term Company Plan until 2029, will develop its business with a dual growth strategy to maximize its oil&gas output and develop renewable energy.
This strategy is in line with the mission and program of Asta Cita of the Government of President Prabowo Subianto and Gibran Rakabuming Raka to support national independence through energy self-sufficiency. It has also secured full support from Erick Thohir, Minister of State-Owned Enterprises (BUMN).
Fadjar Djoko Santoso, Pertamina Vice President for Corporate Communication, said that the Minister of SOEs as Pertamina’s shareholder provides support for Pertamina’s business efforts in providing energy to the Indonesian people.
This is achieved by implementing a dual growth strategy or maximizing the legacy oil and gas business and building a new business in the development of low-carbon renewable energy.
“The Company’s strategy and business plan to realize national energy resilience and independence is supported by the Ministry of SOEs. To that end, Pertamina encourages all its subsidiaries to pursue business and operational targets effectively and efficiently,” Fadjar said on Thursday, January 30, 2025.
According to him, the dual growth strategy is carried out by optimizing upstream oil and gas production. Recorded oil and gas production of 1.05 million BOEPD (barrels of oil equivalent per day) with details of oil production of 556 thousand BOPD (barrels of oil per day) and gas production of 2.86 billion SCFD (standard cubic feet per day).
Pertamina continues to continue refinery improvements and the construction of new refineries. One of these projects is the Balikpapan refinery construction project, with progress reaching 92 percent. According to Fadjar, through this kind of refinery, Indonesia becomes independent in aviation fuel and diesel fuel.
Fadjar cited that Pertamina is a pioneer in carbon trading in Indonesia with a national market share of 95 percent.
In developing a low carbon energy business, Pertamina currently has an installed capacity of new renewable energy of 2,502 Megawatts (MW) and Geothermal production of 4.6 GWh (Gigawatt per hour).
“By building a low-carbon business, Pertamina can also support the government’s decarbonization program to achieve the 2060 Net Zero Emission target,” Fadjar concluded.
