MANADO (TheInsiderStories) - PT Pertamina, the state-own energy company, prepared its three units to list their shares at Indonesia Stock Exchange in 2017 to support the activities and development subsidiary, said the senior official.
Pertamina President Director Dwi Soetjipto said, its unit the insurance provider PT Tugu Pratama Indonesia (TPI) ready to offer 30 percent of their stakes and the hotel operator PT Patra Jasa around 20 percent. However, the IPO of PT Tugu Pratama Indonesia will be conducted prior to the beginning of the 2017.
The other company ready to go IPO in 2017 is PT Pertamina Internasional Eksplorasi dan Produksi (PIEP). The unit has successfully increase production of oil and gas from abroad amounted to 15.3 percent to 120.59 thousand barrels of oil equivalent per day (boepd) in the first eight month period in 2016.
According to Managing Director Riadhy PIEP Slamet, the company set production target until the end of 2016 amounted to 104.95 thousand boepd. The biggest contribution of overseas production came from Iraq with a production rate net to share 43.7 thousand boepd, Algeria 41.13 thousand boepd and Malaysia 35.77 thousand boepd.
In that effort, PIEP until August it had executed the drilling of one exploration well, 12 wells and 76 development wells to rework the entire asset. Until the end of the year, drilling development wells will be increased to 16 wells and rework to 91 wells.