, pub-9591068673925608, DIRECT, f08c47fec0942fa0 Pertamina Strengthen Brand in Global Market - MEDIA MONITORING OIL AND GAS -->


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Monday, June 19, 2023

Pertamina Strengthen Brand in Global Market

    PT Pertamina through its subsidiaries is increasingly strengthening its Brand in the global market. This is evidenced by a number of collaborations carried out within the scope of several activities, namely upstream oil, and gas, export and sale of products, to shipping cooperation.

    The latest is the signing of a new hydrocarbon contract by Pertamina through its Sub Holding Upstream subsidiary, PT Pertamina Internasional EP (PIEP) which operates in Algiers under PT Pertamina Algiers EP (PAEP), at Menzel Lejmat Nord (MLN), Block 405. Investment funds amounting to US$ 800 million are ready to be released to fund the project.

    PIEP and its partners Sonatrach and Repsol Exploracion 405a SA continue to demonstrate their ability to operate onshore oil and gas blocks. With this trust, the production sharing contract signed is a continuation of the memorandum of understanding agreed between the three companies on September 28, 2022. 

    The joint operation under the contract mentioned above is the MLN field and nine other fields which include the unitization of Ourhoud and El Merk.

    The work program specifically includes the drilling of 12 oil wells and water injection wells, the connection of new development wells, the construction of an LPG extraction unit, and a 3D WAG (Water Alternating Gas) seismic acquisition project, as well as a solar energy production project. 

    The total investment amount planned for the implementation of this development is estimated at more than US$ 800 million and the total resources are almost 150 million barrels of oil equivalent.

    The signing of this contract is in accordance with the wishes of the three partners to realize it within the MLN contractual scope and to strengthen the work in the field of exploration and production of hydrocarbons.

Nicke Widyawati

    The signing of this contract was witnessed by the President Director of PT Pertamina Nicke Widyawati, the Main Director of PT Pertamina Hulu Energi Wiko Migantoro, The President Director of PT Pertamina Internasional EP Jaffee A. Suardin, Group CEO Sonatrach Toufik Hakkar, and other partners Repsol Algiers and Algiers authorities. During the signing ceremony, Nicke Widyawati expressed her appreciation.

"After perfect contract preparations, Pertamina and its partners have finally agreed on a new journey for oil and gas operations in Algiers. Our commitment for the long term will be a new and exciting journey, reaffirming Pertamina's global footprint together with Sonatrach, and Repsol," said Nicke Widyawati.

    Nicke Widyawati said the oil and gas block in Algeria is one of the mainstays of oil and gas production from abroad for Pertamina.

"The acquisition of oil and gas blocks abroad with the concept of "bring the barrel home" is a strategic step for Pertamina to maintain national energy security," said Nicke Widyawati.

    Nicke added, in this new contract, apart from crude oil production, Pertamina was also given a permit to build an LPG factory with a capacity of 1 million metric tons per year, where the product will be brought to Indonesia.

"With this new innovation, it is hoped that it can reduce LPG imports and strengthen Indonesia's trade balance," said Nicke Widyawati.

    At the same time, the Algiers oil and gas block also has the potential in developing renewable energy, especially Solar PV which will be utilized as a green electricity supply for oil and gas block operations.

"This is a form of Pertamina's very strong commitment to reducing carbon emissions in all of its business activities in line with the application of ESG," said Nicke Widyawati.

    Jafee said PIEP has the potential to produce peak production in block 405a of 36,000 BOEPD and open up new development opportunities in the surrounding area in the next 25 years, and the potential for an additional 10 years of a contract extension.

"This reflects Pertamina's strong projection going forward in line with Pertamina's main strategy to become a world-class energy company," said Jaffee.

    Menzel Ledjmet Nord (MLN) Oil Field Algiers is one of the oil and gas fields in the Sahara Desert, Algiers which has been fully operational by PT Pertamina since May 2014, through the Upstream Subholding.

    This block has an oil capacity of 35,000 barrels of oil per day (BOPD) and has 58 solar panels that produce 1,141 kilowatt hours (kWh) per year, resulting in reduced emissions of up to 7,507 tons of C02 per year.

    Pertamina as a leader in the field of energy transition, is committed to supporting the Net Zero Emissions 2060 target by continuing to encourage programs that have a direct impact on the achievement of the Sustainable Development Goals (SDGs). 

    All of these efforts are in line with the implementation of Environmental, Social & Governance (ESG) in all of Pertamina's business lines and operations.

    Pertamina Internasional Exploration and Production (PIEP) was established based on the need for international asset management which focuses on managing PT Pertamina's foreign assets. 

    Until now, Pertamina has foreign oil and gas field assets spread across 13 countries, namely Algiers, Malaysia, Iraq, Canada, France, Italy, Namibia, Tanzania, Gabon, Niger, Colombia, Angola, and Venezuela. 

    From 2014 to 2021, PIEP contributed as much as 51 million barrels of oil, or around US$ 2.8 billion to be shipped domestically.

    Another subsidiary is PT Pertamina International Shipping (PIS) through Pertamina International Shipping Pte Ltd which is domiciled in Singapore. This company continues to develop its business wings in the Asia Pacific region so that it transforms into PIS Asia Pacific (PIS AP). 

    The establishment of PIS AP is focused on serving export and import cargo transportation in the international market. PIS is also increasingly aggressively expanding in the global market and has successfully traveled as many as 22 international routes until early 2023.

    Meanwhile, PT Pertamina Lubricants (PTPL), a Subholding Commercial & Trading subsidiary of Pertamina, has owned the Lubricants Technology Center (LTC), the largest lubricants research and innovation center in Indonesia, located in Plumpang, North Jakarta. 

    With an area of 12,500 mz, LTC is equipped with modern facilities and professional human resources to meet the needs of lubricants in the Indonesian market and 14 countries in the world including Australia, Thailand, and South Africa.

Investor Daily, Page-13, Monday, June 19, 2023

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