PEP targets higher oil, gas output, plans massive exploration
Wednesday, March 22 2017 - 02:32 PM WIB
PT Pertamina EP (PEP), a subsidiary of state-owned oil and gas firm PT Pertamina, sets higher oil and gas production target this year as it expects three development projects to start production soon.
PEP Acting President Director Nanang Abdul Manaf said in a statement on Wednesday that oil output this year is targeted to increase to 83,865 bpd from 83,674 bpd last year. Meanwhile, gas output this year is projected to rise to 1,042 mmscfd from 989 mmscfd last year.
Nanang said that in a bid to help meet the 2017 production target, the company aims to ?maximize? a number of its development projects including the Matindok Central Processing Plant (CPP) in Banggai Regency, Central Sulawesi Province, which will process gas output from the Matindok field; the Paku Gajah Development Project in Muara Enim Regency, South Sumatra Province, where the company is developing the Paku Gajah CPP; the Cikarang Tegal Pacing Development Project in Bekasi, West Java Province, where the company seeks to accelerate monetization of exploration findings in the Tegal Pacing Structure; and the Jirak Field Development Project in South Sumatra.
The company said that the first three projects were scheduled to be on stream in the March-April 2017 period.
PEP said that revenue this year is targeted to increase to US$2.81 billion from $2.49 billion last year, while profit before tax is projected to be higher at $1.03 billion compared to $835 million last year.
Nanang also said that PEP plans massive exploration drilling activities in a bid to seek additional oil and gas reserves of 78.19 mmboe, and 2C exploration resources of 321 mmboe. He did not provide further details.
This portal quoted an official at upstream oil and gas authority SKK Migas on Tuesday as saying that PEP plans to soon spud three exploration wells including the West Gantar-1 (WGT-1) and Haur Gede-1 (HGD-1) wells in Jatibarang Field, Indramayu, West Java Province, and the Pondok Makmur Indah-1 (PIN-1) well in Tambun field, Bekasi, West Java.
Editing by Reiner Simanjuntak