Indonesia’s state-held energy company, Pertamina, plans to invest $54 billion in upstream production by 2025, looking to increase its oil, gas and geothermal output by 185 per cent, spokeswoman Wianda Pusponegoro told local media.

Pertamina’s goal is to increase oil, gas and geothermal production to around 1.91 million barrels of oil-equivalent per day (mbpoed), compared to just 670,000 bpd for November 2016.

"We want to be more aggressive in strengthening the upstream industry by trying to exploit more domestic and overseas oil and gas blocks," Pusponegoro told The Jakarta Post newspaper.

The blocks the company is vying for include the Attaka and East Kalimantan blocks, operated by Chevron Indonesia until March, and the South East Sumatra block operated by China National Offshore Oil Corporation-Southeast Sumatra Ltd. (CNOOC SES) until September 2018.

In addition to upstream development, Pertamina is also seeking to more than double its refined oil production capacity, to 2.3 million barrels of oil per day (mbpd) by 2025, from 1 mbpd in 2015.

Last October, Pertamina said it hoped to increase its oil production by 42 per cent, to 438,000 bpd in 2017, up from a target of 308,000 bpd in 2016. Most of the increase was expected to come from acquisitions in Russia, Iran, and Iraq, Kallanish Energy learns.