PEP unveil solid Q1 performance, confident of meeting 2017 output target

PT Pertamina EP (PEP), an upstream subsidiary of state-owned oil and gas firm PT Pertamina, has managed to maintain oil production level at around 80,000 bpd during the first quarter (Q1) and is optimistic to be able to meet the 2017 production target of 85,000 bpd.

PEP Acting President Director Nanang Abdul Manaf said in a statement on Monday that oil production in the first quarter ending March of this year stood at 80,727 bopd, or 95 percent of the 85,000 bopd target set in the company?s 2017 work program and budget (RKAP), while gas production stood at 961.6 mmscfd, or 93 percent of the RKAP target of 1,041 mmscfd.

?In the first quarter of this year, we managed to arrest natural declining production rate at 20 percent, and maintained production level at around 80,000 bopd .and we?re optimistic to be able to meet the 2017 target of 85,000 bopd,? Nanang said.

He said that there was significant production increase in a number of fields operated by the company notably the Jatibarang Field, obtained from well reparation or workover of XA 09 well in the offshore XRay Platform, where production increased to 2,791 bopd from initial production level of around 87 bopd.

Rantau Field also showed positive production performance, where output increased from 2,100 bopd at the start of the year to 2,831 bopd early April following five well-reparation programs and one drilling program.

Seismic program also showed positive trend, Nanang said. As per end of March, realized 2D seismic run by the company totaled 426 km, or 48 percent of the total target of 833 km. Realized 3D seismic reached 171 sqkm, or 26 percent of the total target of 669 sqkm.

In terms of exploration, PEP has completed three exploration drilling programs, and six others are currently in progress. ?God Willing, the target for 12 exploration drilling programs can be completed by end of 2017,? he said.

Editing by Reiner Simanjuntak