PIEP Production Up 7.3%

PT Pertamina International EP (PIEP) recorded oil and gas production of 122,600 barrels of oil equivalent per heart in the third quarter of 2016 up 7.3% compared to the same period last year 113,600 boepd.

Pertamina International EP is a subsidiary of PT Pertamina (Persero) which carries out oil and gas exploration and exploitation activities abroad.

International Director of Pertamina Slamet Riadhy said the achievement came from oil production of 86,700 BPD and gas of 207 million cubic feet per day (MMscfd). Oil production in quarter III / 2015 78,400 BPD and gas 204 MMscfd.

He explained, this year's additional production came from and the development of oil and gas blocks in Algeria which added 2,500 BPD of oil. Through the application of water injection in Iraq, the production of 4,000 BPD of oil increased and the practice of gas and water injection in Malaysia contributed 3,000 barrels equivalent per day / boepd.

Oil production in Iraq comes from the West Qurna 1 Field with 178 active wells. In this block, ExxonMobil controlled 32.69% participating shares and became operator, PetroChina 32.69%, Shell 19.62%, Pertamina International 10%, and Iraq's South Oil Company (SOC) 5%.

Pertamina International EP (PIEP) controls a 65% stake in MLN Field, Algeria. In addition, PIEP also has a participation stake in EMK Field (Algeria) 16.9%, while Sonatrach (37.74%), Anadarko (18.13%), Talisman (9.10%), ENI (9.065%), and Maersk (9.065%).

Production contributions in Malaysia came from activities in Block K, Block Kikeh, SNP Block, SKS O9 Block, and SK 311. Block in that block, Pertamina partnered with Murphy Oil, Petronas, ConocoPhillips, and Shell.

This increase in production was supported by the average increase and Project Phase 4 Development in Algeria by 2,500 BPD, water injection in Iraq which increased by around 4,000 BPD, and gas and water injection in Malaysian oil and gas fields increased by around 3,000 boepd.

So far, the average PIEP production of 123,000 boepd, which is 87,000 BPD of oil and gas 215 MMscfd. The company must ensure that production stays at 120,000 boepd until the end of this year in accordance with the company's target.

Bisnis Indonesia, Page-30, Monday, Oct 17, 2016.