JAKARTA (RAMBUENERGY.com) – Indonesia’s state owned energy company PT Pertamina (Persero) through its subsidiary PT Pertamina Internasional Eksplorasi dan Produksi (PIEP) has managed to increase its oil and gas production from its overseas oil and gas assets by 15.38 percent to 120,590 barrels of oil equivalent per day (boepd) in the eight months to August 2016.
President Director of PIEP Slamet Riadhy said the company’s average production has been above initial target of 104,950 boepd, or 15 percent above target. The actual production was also 7.2 percent above average production last year at 112.100 boepd. The increase was boosted by a rise of production in its assets in Algiers, Iraq and Malaysia.
Its assets in Iraq has managed to produce 43,700 boepd, followed by Algiers at 41,130 boepd and Malaysia at 35,770 boepd. The production increase in Iraq was supported by the application of waterflood program which boosted oil and gas production.
Oil and gas production in Malaysia comes from South Acis field, Permas field and Block K. The waterflooding program has boosted production by 5,790 boepd.
In Algiers, Pertamina added net to share production by 6,320 boepd followed by the overhaul of C-431 MLN Moto Compressor in MLN field. In addition, GT-400 field has started its maiden production on August 13, 2016.
“A signification production increase was recorded in the last three months, namely June, July and August. The average daily production during the period was above 125,000 boepd and even rose to 131,000 boepd in Agust. We will continue to mantain production level until year-end so that the production target of 120,000 boepd is achieved,” Slamet Riadhy said.
Up until August, PIEP has drilled 1 exploration well, 12 development wells and 76 reworking wells. The company plans to add developing wells to 16 wells by year and reworking wells at 91 wells.
Separately, President Director of Pertamina Dwi Soetjipto said recently that Pertamina wants to make PIEP as a separate entity so that it can borrow and raise funds by itself, not through parent company Pertamina. (*)