State energy company Pertamina has set aside almost $4 billion in funds to boost oil and gas production in Indonesia this year, according to a company executive.

The Jakarta-based company plans to spend $3.75 billion to improve its oil and gas and geothermal production this year. Ali Mundakir, Pertamina’s vice president of corporate communications, said the funding was 24 per cent higher than the $3.02 billion it spent last year and would account for 48 per cent of its total capital expenditure in 2014. The company has set its total investment plan this year at $7.8 billion.

“The investment will be used to finance Pertamina’s more than 600 upstream projects this year in Indonesia as well as overseas,” Ali said in a statement.

Pertamina aims to produce up to 280,200 barrels of oil per day and 1,568 million standard cubic feet of gas per day this year, while production of geothermal is targeted for 3,036 gigawatt-hours.

To reach its oil production target, the company will boost production at existing working areas up to 220,700 barrels of oil per day and get additional production of 59,500 barrels of oil per day made available through block acquisitions this year.

The investment, however, does not cover the upstream blocks acquisition, Ali said without mentioning which blocks the company plans to acquire. Pertamina will be working on several upstream projects this year which include development of the Offshore North-West Java (ONJW) block’s wells, set to provide additional production of 5,300 barrels of oil per day and 27 million metric standard cubic feet per day, and concurrent development of six fields in the West Madura Offshore (WMO) block.