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JAKARTA. Indonesian state oil and gas company PT Pertamina which saw significant profit growth in the first half of this year has the chance to overtake Malaysian oil and gas firm Petronas, an academician has said.
"As an Indonesian citizen, we must appreciate Pertamina's achievement. I am optimistic that Pertamina will overtake Petronas if it is consistent with its efficiency program," the chief of the Center for Energy Studies at Gadjah Mada University (UGM), Deendarlianto said here on Sunday.
The achievement suggested that Pertamina has carried out its efficiency program properly, he said.
Pertamina was able to save a sizeable amount of funds amidst a shortfall in global crude prices, he said.
"Viewed from its figures (profit in the first half of 2016), Pertamina's performance is getting better and its efficiency program and management strategy are successful," he said.
Many studies reveal that Pertamina is more self-reliant than Petronas.
Besides being under direct control of the Malaysian prime minister, Petronas also receives huge subsidies from the government including exploration cost, he said.
"Therefore, I predict Pertamina will be ahead of Petronas in the future," he said.
Pertamina is among the few global oil and gas companies which recorded net growth while global crude price plunged. The company posted a profit of US$1.83 billion in the first half of 2016, up 221 percent from the same period last year.
