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Pertamina EP targets higher oil production this year

JAKARTA (RambuEnergy.com) – PT Pertamina EP, a subsidiary of Indonesia’s state-owned energy company PT Pertamina, projects to produce 85,000 barrels of oil this year, up from 83,000 bpd last year, a company official said Tuesday (Jan. 22).

Pertamina EP President Director Nanang Abdul Manaf told reporters that in order to achieve the target, the company sets out a program to drill 102 wells. Of these, 94 wells are developing wells and 8 are exploration wells.

Last year, the company planned to drill 84 wells, out of 90 wells that were targetted. Of these, 69 wells were completed, 15 wells are still being drilled.

As for financial performance, the company targets to book a net profit of US$755 million in 2019, up slightly from realized US$753 million last year. The target assumes oil price to remain above US$50 per barrel.

In 2018, the company produced 255,000 barrels of oil equivalent per day (boepd), slightly higher than the target of 253,000 boepd. Oil production reached 79,690 bopd, lower than the target of 83,000 bpd, while gas production reached 986 MMSCFD.

In the year, the company booked revenues of US$3.16 billion, slightly below target of US$3.18 billion. The lower-than-target revenues was due to lower oil prices, namely at US$66.99 per barrel, lower than the company’s forecast of US$70 per barrel.

Parent Company
Pertamina, the parent company, targets to produce 922,000 boepd in 2019, consisting of 414,000 bpd of oil and 2,944 MMSCFD of gas.

In 2018, the company produced 921,000 boepd, consisting of 392,000 bpd of oil and 3,064 MMSCFD o gas.

Thus, the company’s oil production target for this year is higher than last year, while gas production is set slightly lower.

In 2019, Pertamina’s Director for Upstream Sector Dharmawan H. Samsu said Pertamina decided to set aside US$2.4 billion for investing in the upstream oil and gas sector this year. (*)

Written by Staff Writer
Edited by Roffie Kurniawan (Email: roffie.kurniawan@gmail.com)

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