Pertamina EP to focus on 4 key projects in 2012

PT Pertamina EP, upstream unit of state-owned oil and gas company PT Pertamina, will focus on developing four key projects in 2012, namely Donggi-Senoro LNG project, Gundih block in East Java, Pondok Makmur field in Bekasi, West Java, and oil and gas explorations in South Sumatera.

?In 2012, we will speed up the development of projects in South Sumatera. In total, there are four main projects to be developed next year,? company President Director, Syamsu Alam said.

Pertamina (29 percent) partners with Mitsubishi Corporation (51 percent) and PT Medco LNG Indonesia (20 percent) in developing the Donggi-Senoro LNG project in Sulawesi island. The project is expected to begin delivering LNG and condensate in the third quarter of 2014. The LNG will be delivered to Chubu Electric Power Co., Inc. (Chubu), Kyushu Electric Power Co. Inc. (Kyushu) and Korea Gas Corporation (KOGAS).

Gundih block is operated by the company. Gas from the block will be delivered to PLN?s Tambak Lorok gas fired power plant through gas pipeline. The Pondok Makmur field holds reserves of about 14 million barrels of oil and 38 billion cubic feet of gas. The company is currently drilling some exploration wells at the Pondok Makmur field.

Syamsu Alam said the company targets oil production of 134,000 barrels per day in 2012, with net profit target of Rp 15 trillion. Up to end October, Pertamina EP has posted unaudited net profit of Rp 13.2 trillion. (godang)