JAKARTA, (Reuters) - Indonesia's state oil firm Pertamina said on Wednesday it plans to lift oil production to 700,000 barrels per day of oil equivalent in 2014, up 62 percent from 432,000 bpd currently. "We have a very aggressive target, we would like to achieve in 2014 around 700,000 barrels per day of oil equivalent," Pertamina's president director, Karen Agustiawan, told the annual Indonesian Petroleum Association (IPA) conference.
She said Pertamina would make acquisitions, both at home and abroad, to boost production from its wholly owned upstream firms, PT EP and PT Pertamina Hulu Energi.
"We would like to acquire assets domestically and also overseas aimed at boosting production," Agustiawan said.
She said Indonesia needed to provide incentives for exploration, especially for offshore activities.
"If you don't invest in exploration now, I don't see any increase in production in ten years. Meaning that for exploration there should be some incentive," she said.
Indonesia's Vice President Boediono said on Tuesday that the country would boost oil and gas exploration by cutting red tape in the licencing process.
He said the government was committed to reviewing rules on incentives, and removing bottlenecks that often delay fieldwork at the local level.
(Reporting by Muklis Ali; Editing by Sara Webb)
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