PetroChina (NYSE:PTR) Looking Forward To The Extension Of Most Of The Indonesian Contracts

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The stock of PetroChina (NYSE:PTR) closed at $74.40 and maintained the same position in yesterday’s trading session. From most of the statements PetroChina has been making in the recent times, it is clear beyond any reasonable cloud of doubt that the company is eyeing the extension of the Indonesian contracts.

Gong Bencai, the chief executive officer of PetroChina has indicated a strong determination in line with continuing with the operations of a number of blocks whose contracts are at the verge of expiry. The operation of the onshore Jabung block in Jambi has been among the top priorities for the company. The other place it has been channeling its efforts to have been the Tuban block along with Pertamina which is a state energy company. Reports indicate that the expiry time for the contract had been set out in 2018.

The East Kalimantan block is a matter that the company has been eyeing for over quite some time. Chevron has been the one behind the operations of the block and the cut out time for the contract is in the course of this particular year. However, the firm will be patient enough till the moment the government makes its final decision in relation to the matter.

Farming into Mahakam offshore gas block which has over the years been overseen by Pertamina is also attracting much attention with a number of companies indicating their interest in it. PetroChina continues keeping hope alive that matters will soon play out it its favor.

A person familiar with the matter said, “PetroChina targets output of 100,000 barrels of oil equivalent per day from Indonesian operations in 2018 vs 95,000 BOEPD in 2017 .If everything goes according to plan, the company will be able to compete favorably in the market as well as get to attract more investors.”

The company’s spokesperson in a recent interview outlined that what kept them going in their many years of business operation was dedication to work and proper planning. He went further to outline that they were not going to bend to the pressure of challenges in their bid to achieve their set goals.

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