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Pertamina Hulu Mahakam Deposits State Revenue of US $ 406.64 Million

 


PT Pertamina Hulu Mahakam (PHM) recorded a positive oil and gas production performance until the end of September. This subsidiary of PT Pertamina Hulu Energi (PHE) made a deposit state revenue of US $ 406.64 million from the split portion for the government.


According to the General Manager of PHM Agus Amperianto, the realization of the profit-sharing was only slightly below the target in the work plan and budget (WP & B) of US $ 416.97 million.

Agus Amperianto

"This is due to low world oil and gas prices due to abundant supply and exacerbated by weak demand due to the pandemic," said Agus in Jakarta.

PHM always strives to be able to contribute very good state revenue even though the Mahakam Block has entered a natural production decline phase. Through various innovations, especially in drilling and well maintenance, his party tries to make cost efficiency (cost efficiency).

"This saving will also reduce costs that must be repaid by the state to contractors or cost recovery," said Agus.

As of September, the cost recovery optimization value has reached the US $ 303.85 million. Agus revealed that his party will try to maintain a positive performance in the Mahakam Block for the remainder of this year even at the time of the Covid-19 pandemic.

the Mahakam Block

"But in the future, what we have to pay attention to and be of common concern is the impact of the decline in world crude oil prices on our demand for oil and gas production," he said.

As is known, the world crude oil price has dropped and once reached the US $ 30 per barrel. This is due to a flood of supply in the market coupled with weak global demand in the aftermath of the pandemic. In this condition, it is hoped that the government can provide incentives.

"In a situation of weak demand plus low world crude oil prices, we hope the government is willing to provide incentives for the upstream oil and gas industry to reduce pressure," said Agus.

From the production side, it was recorded that until the end of September the realization of Mahakam Block gas production reached 606 million standard cubic feet per day / MMScfd or 18.82% exceeding the APBN-P target of 510 MMscfd. Meanwhile, the actual oil production in this block was recorded at 29.6 thousand barrels per day (bpd), or 18.4% higher than the target of 25 thousand bpd.

According to Agus, the high realization was due to additional production from a number of wells that were drilled last year and started production in early 2020. In addition, the oil and gas production achievement is also supported by the application of various innovations in workover and well services.

"So that oil and gas production in the Mahakam Block until the third quarter of 2020 remains good and so far has not been affected by the Covid-19 pandemic," he said.

The realization of operations in the Mahakam Block is also very good. This year, his party is targeting development drilling as many as 79 wells. By the end of September, the realization of development drilling had reached 63 wells. Exploration well drilling has also been carried out according to the target, namely one well in the South Peciko structure. 

    According to Agus, his party is trying to drill as many wells as possible to maximize existing oil and gas reserves. This is because oil and gas reserves and production from wells in the Mahakam Block are increasingly marginal.

"What should be proud of is the ability of engineers at PHM to make various innovations to shorten the duration of drilling and save costs," he added.

Furthermore, until the end of September, PHM succeeded in realizing 3,595 well services from the target of 4,178 jobs. Then, reworking the well was recorded as reaching 59 jobs from the target of 69 jobs. One of the innovations developed by PHM in carrying out this activity is the completion of wells (completion) without using a rig which has succeeded in reducing the overall cost of the well.

Investor Daily, Page-10, Friday, Nov 13, 2020

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