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| | Pertamina sets development budget for West Java reserves |  | | Thursday, 24 June 2004Alfean Hardy, Malaysia Despite reports stating the dire straits of Indonesia's Pertamina, the state-owned oil company has announced it has set aside US$466.6 million to develop new oil and gas reserves.
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In a statement Pertamina Upstream Director Bambang Nugroho said, "The Company [will] develop newly-found oil deposits in Pondok Tengah and Tegaltaman in West Java, estimated to have a total reserve of 250 million barrels."
"Pertamina will also develop new gas deposits in Randublatung in Central Java, Suban Barat in South Sumatra, Sukamaju and Maleoraja in Central Sulawesi with a total reserve of more than 2.5 trillion cubic feet. Pertamina also has a number of oil fields not yet drilled in West Java, Central Java, East Java and Kalimantan," added Bambang who did not elaborate further.
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