Pertamina books net profit of $192m until April

Petromindo|Khalsa

PT Pertamina EP, a subsidiary of PT Pertamina in upstream oil and gas sector, booked a net profit of US$ 192 million or around Rp2.59 trillion (Rp 13,500 per US dollar) until the end of April 2017, or around 32 percent of the total target of net profit during 2017 at US$ 596 million.

The state-owned company reported in a press release on Saturday that its income until April reached US$ 802 million or 32 percent of the target set this year at US$2.814 billion.

?If production does not increase, we have to be efficient to keep profit,? Pertamina EP?s President Director Nanang Abdul Manaf said.

According to Nanang, efficiency can be improved continually. All costs unrelated to production should be evaluated. It can be also pursued through renegotiation of contracts with oil-gas services companies

Until May 29, 2017, the oil production of Pertamina EP reached 85,000 barrels per day (bpd) or around 94 percent and gas at 969 mmscfd or 93 percent of the target set at 1,041 mmscfd. The realization almost reached the set target, but results of several drillings at the end of 2016 had not yet met the initial projection.

?But we still have many other potentials for further development to reach the target of national production,? he said.

Until the end of May 2017, there were six projects of development in the working areas of Pertamina EP, which include Paku Gajah Development Project in South Sumatra (Sumsel), Pondok Makmur Development Project in Bekasi, Matindok Gas Development Project in Central Sulawesi, Cikarang Tegal Pacing in West Java, Jawa Gas Development Project in Cepu, and Jirak Phase-1 Development Project in Sumsel.

Nanang said that all projects of Pertamina are still ongoing and there have been several projects already commissioning, such as Matindok which was expected to reach full production at 50 mmscfd by the end of June 2017.

?Matindok had been already commissioning, and even once we sold it. But since there was still problem, we have to fix it. Hopefully on June 4 we?ll start again at 65 mmscfd gross, and at the net of 55 mmscfd,? he said.

Pertamina EP?s Finance Director Narendra Widjajanto said that its investment budget (ABI) as of April 2017 based on the corporate work plan (RKAP) 2017, reached US$114.28 million by April 2017 or 15 percent of the target at US$ 778 million. ?Most of the investment budget was spent on drillings and workover, and the rest for maintenance of production facilities,? he said.

Editing by Benget Besalicto ST.