Indonesian national oil company (NOC) Pertamina plans to spend $10.7 billion in 2021. This is more than double its capital spend of $4.7 billion last year.
Pertamina said earlier this week that 46% of the total $10.7 billion will be used for upstream oil and gas activities to boost production and reserves. The other 36% will be allocated for developing refineries and petrochemicals, while 18% will be used for other business activities, including continuing the development of new and renewable energy.
Pertamina is also planning to issue its maiden green bonds this year to help finance its geothermal business. Pertamina is the second Indonesian state-owned energy company to unveil its plan to issue a sustainable finance instrument after utility PLN.
Pertamina has a planned capital expenditure totalling $92 billion for the term 2020-24, Energy Voice reported last month. The NOC will be seeking external funding and partnerships to meet this goal.
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