PT Pertamina Internasional EP (PIEP) through its direct subsidiary, namely - PT Pertamina Iraq EP has purchased 10% Participating Interest (PI) from ExxonMobil Iraq Limited's (EMIL).
The field operated by EMIL as the Lead Contractor is in the southern part of Iraq, close to the city of Basra which is 400 km southeast of the capital Baghdad.
Since obtaining cooperation contracts in several countries, PIEP has carried out its commitment as a partner who has added value in various aspects of operations and always prioritizes active collaboration with various partners in all of its operations.
In its operations in West Qurna 1, PIREP as a direct subsidiary of PIEP partners very harmoniously with EMIL, ITOCHU, PetroChina, and Oil Exploration Company (OEC) Iraq. This is proven by the completion of the 10% PI purchase at the end of 2022.
Wiko Migantoro, the Main Director of Pertamina Hulu Energi as Subholding Upstream Pertamina, expressed his gratitude to all stakeholders who have helped.
"All the main stakeholders in Iraq continue to place their trust in Pertamina to continue its existence as an important partner in the management of the West Qurna 1 operating field," said Wiko.
While John Anis, Main Director of PIEP also emphasized, "With a total of 20% PI, Pertamina's role as a partner that has good performance, is reliable and continues to grow to carry out active cooperation with all partners, especially EMIL in supporting its work program to develop West Qurna 1 to achieve its best potential in producing oil in the field and continue to provide added value to other partners."
John Anis further added, "in 2023 and in the future, PIEP can ensure that this acquisition can provide additional production to Pertamina's Upstream Subholding of 100,000 BOPD and it is hoped that this production can continue to increase in accordance with the potential of the West Qurna 1 field".
"With the spirit of Go Global, Pertamina believes that with a strong commitment to continue to grow and develop, it will strengthen its position as a World Class National Energy Company," concluded Wiko.
PT Pertamina Hulu Energi (PHE) as Subholding Upstream through PT Pertamina Internasional EP (PIEP) plays a key role in cooperation with foreign partners, especially in the field of Oil and Gas Exploration and Production which operates on 4 continents and 12 countries, one of which is oil and gas operations in Iraq which has one of the largest oil and gas reserves in the world.
Other countries are Algeria, Malaysia, Canada, Colombia, France, Gabon, Italy, Myanmar, Namibia, Nigeria, and Tanzania.
One of the main objectives of establishing PIEP by PT Pertamina (Persero) is to strengthen the role of PT Pertamina (Persero) in managing national energy security, by increasing oil and gas reserves and production from overseas assets and operations.
Since its establishment, PIEP has been committed to contributing by bringing products from abroad to Indonesia (Bring Barrels Home) to meet the needs of PT Pertamina (Persero) refineries, as well as a form of PIEP's contribution in filling the gap between demand and supply of oil and gas in Indonesia.
Based on PIEP's 2021 Financial Report, from 2014 to 2021, PIEP has contributed as much as 51 million barrels of oil, or around US$ 2.8 billion to be sent domestically. This means that PIEP has contributed to improving Indonesia's balance of payments. About more than 80% of the oil produced from abroad has been sent to domestic refineries.
PIEP's net profit in 2021 recorded the highest record with an achievement of US$ 254.98 million or grew 134.31% year on year (YOY). In 2021, PIEP has succeeded in implementing the OPTIMUS project which is a net profit optimization program with a total achievement or exceeding 377% of the optimization target of US$ 11.06 million. This achievement consisted of additional revenue growth of US$3.24 million which was an acceleration of Place Into Service (PIS) in Algeria and US$38.49 million which came from cost optimization.
PIEP's net profit in 2021 recorded the highest record at US$ 254.98 million which grew by 134.31% (YOY).
PIEP's crude oil production in 2021 was realized at 96.67 MBOPD or 101.43% of the target of 95.31 MBOPD and the realization of PIEP's natural gas production in 2021 was recorded at 326.61 MMSCFD or 104.54% of the target of 312.42 MMSCFD.
Investor Daily, Page-10, Tuesday, Feb 21, 2023
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