Pertamina EP targets 264,000 boepd oil, gas output
Tuesday, January 3 2017 - 10:42 AM WIB
Petromindo
PT Pertamina EP (PEP), an upstream subsidiary of state-owned oil and gas firm Pertamina, sets oil and gas production target of 264,000 boepd for this year.
PEP Vice President for Legal Relations D. Yodi Priyatna said in a statement issued Tuesday that oil production target for this year has been set at 85,000 bpd, while gas production at 1,041 mmscfd.
Yodi said the company plans to drill 61 development wells this year to help meet the production target. He added, the company plans to drill 14 exploration wells in 2017.
He said that in 2016, PEP drilled 11 exploration wells, in line with target, with 2C resources findings of 113 mmboe. A total 48 exploitation wells were drilled last year, also in line with target.
In terms of financial performance, PEP is expected to exceed the 2016 net profit target. Yodi said that per November of last year, net profit has reached US$529 million, higher than the $521 million target. Net profit for the full year is estimated to reach $536 million, he said.
Editing by Reiner Simanjuntak