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Pertamina Hulu Energi Booked US $ 590 Million in Profit



PT Pertamina Hulu Energi (PHE) managed to book a profit of US $ 590 million last year, up 23.68% from the realization of 2018 of US $ 477 million. The increase in profits was supported by the high realization of the company's oil and gas production.

PT Pertamina Hulu Energi (PHE)

PHE's President Director Meidawati said last year's profit realization of US $ 590 million was higher than the 2018 achievement of US $ 477 million. While revenue realization was US $ 2.67 billion, up by 5.81% from the realization in 2018 of US $ 2.53 billion. The increase in financial performance was when the price of oil dropped from US $ 68 per barrel in 2018 to US $ 62 per barrel in 2019.

The company's profit could be higher if last year's oil price reached US $ 68 per barrel. Last year, the company's oil production reached 78,002 barrels per day (BPD). This realization increased by 13.05% from 2018 production achievements of 68,996 bpd. The company's gas production realization also increased slightly from 794 million standard cubic feet per day / mmscfd in 2018 to 803 mmscfd in 2019.



According to him, the achievement of this production performance was due to an increase in oil and gas production from the Jambi Merang and Tomori Blocks. In addition, additional production oil and gas also comes from optimizing planned shutdowns on the Offshore North West Java Block (ONWJ), West Madura Offshore (WMO), and Offshore South East Sumatra (OSES).



"In addition, this production achievement is also due to the success of PHE in reducing production decline from an average of 35% to 20%," Meidawati said.

Blogger Agus Purnomo in PT. PHE West Madura Offshore (WMO)

Meidawati added that ONWJ Block oil and gas production was recorded to increase despite an oil spill from one of its fields, the YY Project. This is because the acquisition of oil and gas production from reworking wells in other fields is very good so that it can cover the lost production from Project YY.

 "Because we work a lot on the ONWJ Block too. So the incidence of oil spills is not very influential. We got a lot of oil and gas production coming in, gas sales also went up, "Meidawati said.

This year, Meidawati hopes that some of the subsidiaries that were the mainstay in the past year will still be able to contribute maximally. This is because his party has set a higher oil and gas production target this year, namely 84 thousand bpd of oil and 822 mmscfd of gas. To pursue the target, he plans to do more massive activities.

"We will carry out drilling for the development of 51 wells and exploration of 6 wells, as well as the reworking of 50 wells," he said.

One of them, he plans to drill two exploration wells in the Nunukan Block. Because, according to the approved plan of development / POD, this block must start producing oil and gas next year.

"If there is no oil and gas flowing, we must return it to the government. Even though we have the privilege to have management rights, "Meidawati said.

Investor Daily, Page-9, Friday, March 6, 2020
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