Pertamina oil reserves stand at 424 million barrels

State oil and gas company Pertamina’s crude oil reserves reached 424 million barrels as of November this year, while its natural gas reserves stood at 3.3 trillion cubic feet.

In its monthly report, the company said the company’s crude oil, natural gas and geothermal steam output averaged 285,000 barrels of oil equivalent per day (BOEPD) in the first eleven months of the year, 5 percent higher than the annual target of 270,000 BOEPD. Last year, the firm’s crude oil, natural gas and geothermal steam output averaged 267,000 BOEPD.

Crude oil output averaged 119,000 barrels per day (bpd) as of November this year, while natural gas output reached an average of 914 million cubic feet per day (MMCFD, equivalent to 159,000 bpd of oil. Meanwhile, geothermal steam averaged 28,400 tons per day, equivalent to 7,000 bpd of oil.

The firm now expects its total output to average 285,000 BOEPD this year. It is expected to increase to 344,000 BOEPD next year and to 480,000 BOEPD in 2008. (Godang)