Pertamina's Vice President of Corporate Communication Wianda Pusponegoro explained, during the January-September 2016 period, the company's oil production of 322,840 BPD rose 16.6 percent compared to the same period last year of 276,770 BPD.
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| Wianda Pusponegoro |
Gas production in January-September 2016 was 2,000 MMscfd, an increase of 15.8% compared to the same period last year of 1,730 MMscfd. Wianda explained that the increase in production was mostly obtained from domestic oil and gas blocks managed by state-owned companies operating in the oil and gas sector. This increase reaches around 72% -80% by domestic oil and gas fields. The rest are from abroad.
The contribution of oil and gas production from domestic blocks reached 550,000 boepd, while blocks located abroad contributed 120,000 boepd. Wianda explained that the results of oil and gas production up to the third quarter of 2016 had exceeded this year's target.
Pertamina's oil and gas production realization until the third quarter of 2016 has exceeded the target of 1.36%. Oil production is currently 4.81% higher than the target by the end of this year of 308,000 BPD. The company's gas production until the third quarter of 2016 was 2.51% above this year's target of 1,951 MMscfd.
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| the Banyu Urip Field, Cepu Block |
According to her, the Banyu Urip Field, Cepu Block and West Madura Offshore (WMO) Block managed by Pertamina Hulu Energi are still supporting Pertamina's oil and gas production.
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| PHE-WMO |
Wianda emphasized that the company will ensure that oil and gas production will not decline even though oil prices are still low. Pertamina continues to spur oil and gas production through organic and inorganic growth or the acquisition of other oil and gas blocks. The company will also reduce production operating costs upstream by working on projects that are fast in production.
With these efforts, the oil and gas State-Owned Enterprise (BUMN) has set a very high oil and gas production target next year, namely 863,000 boepd. The target details 688,000 boepd from existing blocks and the remaining 175,000 boepd and acquisitions of new blocks and takeovers of blocks whose contracts have expired.
The oil and gas production target in 2017 consists of oil which is expected to increase by 36 percent to 438,000 BPD, with details of 335,000 BPD coming from existing blocks, and 103,000 BPD from new blocks. Next year's gas production is targeted to increase 13 percent to 2,278 MMscfd consisting of 1,858 MMscfd existing blocks and 450 MMscfd new blocks.
Wianda explained that the increase in the oil and gas production target next year will be supported by the company's plan to acquire several new oil and gas blocks abroad.
Bisnis Indonesia, Page-15, Wednesday, Oct 26, 2016
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