Pertamina EP earns Rp.14,3T profit in Q3

PT Pertamina EP has reported a net profit of Rp 14.3 trillion during the third quarter ending September this year, an increase of about 22 percent from Rp 11.8 trillion earned during the same period last year.

During the third quarter, Pertamina EP?s oil production reached 127,9 mbopd, while gas at 1.048,9 mmscfd, the company said in a press statement over the weekend.

During the same period last year, the company?s oil production amounted to 126,1 mbopd, and gas at 1.027,6 mmscfd.

To increase its reserve, the company has conducted explorations by finalizing a survey of seismic 3D at an area of 2.027 km square and seismic 2D along 538 km.

It has also completed the exploration drillings of 18 wells, consisting of 6 wildcat drillings and 12 delineation wells.

Currently, it is conducting drillings of three wildcat wells, two delineation wells, and one twin wells.

To optimize production, it has completed exploitation drillings of 84 wells. Currently, it is conducting exploitation drillings of other 13 wells. It has also completed an improvement of 52 production wells, and it is conducting improvement of other three production wells.

The company stated that it had been also pursuing other activities, including the breakthrough projects on existing assets, accelerating the development of new fields, reactivating the suspended wells, conducting enhanced oil recovery (EOR). All of the activities were part of its efforts to arrest the natural decline of 18 percent per year.

Editing by Benget Besalicto Tnb.