PEP sets higher oil output target

By Ruli Setiawan

PT Pertamina EP (PEP), a subsidiary of state owned oil and gas firm PT Pertamina (Persero), targets oil output at 103,000 bpd this year, higher than realized output of 100,555 bpd in 2015, and gas output at 1,064 mmscfd, compared to realized output of 1,015 mmscfd in 2015, the firm said in a statement on Friday.

PEP?s President Director Rony Gunawan said realized oil and gas output in 2015 was below the targets set in the firm?s Work Plan & Budget (WP&B). The oil output target in 2015 was 115,100 bpd.

Rony said he is optimistic the 2016 target can be reached despite the oil price slump and the fact that the firm?s assets are mostly old wells. The only new wells owned by the firm are located in Cepu block.

The firm will postpone projects that need huge investment until after the market conditions improve and will focus on efficiency and well reactivation.

Editing by Johannes Simbolon