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Indonesia's Pertamina backs $100 billion spend to boost oil output

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Indonesia's Pertamina backs $100 billion spend to boost oil output
FILE PHOTO: A Pertamina fuel station in Labuan Bajo on Flores Island, Indonesia April 7, 2018. REUTERS/Henning Gloystein   -   Copyright  Henning Gloystein(Reuters)
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SINGAPORE (Reuters) – Indonesia’s state-owned energy company, Pertamina, needs $100 billion (£76.3 billion) over the next 12 years to boost oil output growth, a senior official said on Tuesday.

The spending was required to satisfy Indonesia’s oil demand, Ernie D Ginting, the firm’s vice president of corporate business strategic planning, said during the Asia Pacific Petroleum Conference (APPEC) in Singapore.

Seventy percent of the amount will need to come from external funds and partnerships, she said on the sidelines of the conference, without elaborating.

Pertamina is also looking to acquire oil blocks overseas, she added.

“One of our strategies is to increase our production,” she said. “We are thinking more of Iraq, central Asia.”

(Reporting by Jessica Jaganathan and Seng Li Peng; Editing by Richard Pullin and Clarence Fernandez)

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