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(Image courtesy of Pertamina)

Indonesia’s PT Pertamina is planning to buy overseas oil and gas assets to help raise its output nearly five times to 2.2 million bpd by 2025.

Indonesia was previously self-sufficient in oil and gas production, and is a former OPEC member.

The country has struggled for years to attract investment to halt diminishing domestic output, which is now half 1.6 million bpd peak in 1995.

Pertamina said in statements on Thursday that it plans to acquire mainly oil and gas blocks that are producing or at the development stage.

The company said 70 percent of its oil and gas acquisitions would be of overseas assets.

Gundy Cahyadi, a Singapore-based economist at DBS Bank said, “Oil and gas imports largely contributed to Indonesia’s current account deficit last year. There’s probably a greater drive towards achieving energy self-sufficiency.”