JAKARTA (Dec 18): Indonesian state oil and gas giant Pertamina sees a more than 20 percent fall in net profit this year due to a sharp drop in global oil prices and as it failed to reach its production target, a director at the company said on Thursday.

Ahmad Bambang, director of marketing and trading at Pertamina, said he expects net profit of $2.4 billion this year. The company posted net profit of $3.06 billion in 2013, according to its financial statement.

Pertamina is targeting capital expenditure of $7 billion in 2015, mostly for upstream investments, Bambang added.