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Pertamina International Records Production of 122.6 Thousand BOEPD



Pertamina International EP (PIEP), a subsidiary of PT Pertamina (Persero) in the oil and gas exploration and exploitation sector abroad, recorded a net to share oil and gas production of 122.6 thousand barrels of oil equivalent per day / BOEPD until the quarter- III 2016, up slightly compared to the same period last year which recorded 113.6 thousand BOEPD.

PT PIEP's Managing Director Slamet Riadhy said, during the January-September 2016 period, PIEP recorded a net to share oil production of 86.7 bare] per day (BPD) and gas 207 million cubic feet per day / MMscfd. This production realization increased slightly compared to the January-September 2015 period which recorded 78.4 thousand BPD for oil and 204 Mmscfd for gas.

"This increase in production is 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 which added about 3,000 BPD,".

In accordance with the prognosis, the average PIEP net-share production until the end of 2016 was 123 thousand BOEPD, consisting of 87 thousand BPD oil and 215 MMscfd gas. Slamet promises to keep production levels on target until the end of the year.

"We will work hard to maintain production levels so that by the end of the year PIEP production is still maintained at around 120 thousand BOEPD,"

PIEP projects production to reach 700 thousand BOEPD by 2025. Production of that size comes from the existing oil and gas blocks, namely in Iraq, Malaysia, and Algeria, as well as from the addition of new assets.

Last year, from the target holding company of 93 thousand BOEPD, PIEP succeeded in realizing the production of 113 thousand BOEPD. Of this production, 39 thousand BPDs were obtained from Algeria, Iraq oil fields contributed 36,000 BPDs, and from the oil and gas block in Malaysia contributed 38,000 BPD. 

West Qurna 1 Field Iraq

   In 2025, the total production of oil and gas blocks in the three countries will increase to 250 thousand barrels. The biggest contribution came from Iraq's West Qurna 1 Field which will reach a production peak in 2022 of 1.6 million BPD.

With a participation of 10%, Pertamina gets 160 thousand BPD from Iraq. Then the oil and gas blocks in Malaysia and Algeria, will each contribute 45 thousand BPD. The remaining 350 thousand BPD is expected from new assets.

"Pertamina's choice to expand to foreign oil and gas blocks is a must. In 2025, Indonesia's oil needs will reach 2 million BPD. And this amount, Indonesia must import 1.5 million BPD ".

Oil and gas observer Ibrahim Hasyim said, at this time there is no need to doubt about Pertamina's ability in upstream and downstream oil and gas. Downstream, Pertamina is proven by its ability to supply and distribute oil and gas throughout the country. Upstream, Pertamina's production in the last few years has continued to increase when production has declined from other oil and gas business entities including international scale oil and gas business entities.

Investor Daily, Page- 9, Monday, Oct 17, 2016
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