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Indonesia’s PT Pertamina has announced the allocation of $7.85 billion in capital expenditure for 2014, with the upstream sector accounting for $3.77 billion, or 48 percent of the total.

Pertamina has business across the upstream and downstream sectors and hopes to achieve a net profit of $3.44 billion next year based on a projected revenue of $79 billion. This would be 6 percent higher than 2013.

The upstream sector is expected to provide Pertamina with over half of its operating income on higher petroleum production from recently acquired producing assets as well as from existing fields.

The company expects to produce approximately 284,000 barrels of oil per day and 1.5 billion standard cubic feet per day of natural gas.