PT Pertamina (Persero) recorded oil and gas production last year of 901 thousand barrels of oil equivalent per day / BOEPD, below the target set by 922 thousand BOEPD. However, the company was able to increase its oil and gas reserves to 309 million barrels of oil equivalent or 44% higher than the target.
Pertamina Corporate Communication Vice President Fajriyah Usman said the company focused on working on the oil and gas blocks it manages to improve the performance of the upstream business.
Last year, the company succeeded in realizing 322 development wells and 14 exploration wells, carrying out 751 wells and maintaining 13,683 wells. So that the realization of oil and gas production last year was 901 thousand BOEPD.
"The oil and gas production of 901 thousand BOEPD is 414 thousand barrels per day (BPD) of oil and 487 thousand BOEPD of gas," She said
The realization of Pertamina's production is below the target set at 922 thousand BOEPD. For the realization of oil production, recorded in accordance with the target 414 thousand BPD. However, the realization of gas production of 487 thousand BOEPD was only 95.87% of the target of 508 thousand BOEPD.
Meanwhile, when compared to the 2018 performance, the realization of the company's oil and gas production declined. Because, in 2018, Pertamina managed to book oil and gas production of 921 thousand BOEPD.
The company's gas production last year was lower than in 2018 which amounted to 529 thousand BOEPD. However, the company's oil production last year rose 5.6% compared to 2018 which amounted to 392 thousand BPD.
Fajriyah explained, the company's oil and gas production was less than optimal due to technical obstacles that occurred in a number of production facilities. One of the obstacles is the lack of optimum compressor facilities in Pertamina's assets in Algeria, which is managed by PT Pertamina Internasional EP (PIEP) due to the high ambient temperature conditions.
"But what needs to be noted is that even without a substantial acquisition, in 2019, Pertamina was able to withstand the decline in oil and gas production by carrying out various activities such as drilling well development and aggressively reworking wells," She said.
She hopes the company's oil and gas production performance in the coming year will continue to increase. In addition to domestically, Pertamina is also actively producing oil and gas from its 13 oil and gas fields spread across Asia, America, and Europe.
In 2019, the realization of the oil production of foreign assets was recorded at 104 thousand BPD and 273 million standard cubic feet per day / MMSCFD gas. This step is Pertamina's effort to achieve national oil production of 1 million BPD and 4,000 MMSCFD of gas.
Meanwhile, in the new and renewable energy sector, Pertamina's geothermal production in 2019 reached 4,292 gigawatt-hours (GWh), up 3% compared to 2018 which recorded 4,182 GWh.
Investor Daily, Page-10, Tuesday, June 23, 2020
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