Pertamina posts Rp 8.7t profit in five months
Thursday, June 28 2007 - 09:53 AM WIB
State owned oil and gas company PT Pertamina booked a net profit of Rp 8.7 trillion from January to May this year.
The company produced “more than 117,000 barrels” of oil per day and 921.7 million cubic feet per day (MMCFD) of gas from January through May this year, Finance Director Frederick T. Siahaan told reporters at the House of Representatives late Wednesday.
The company booked a net profit of Rp 19.22 trillion last year and has projected the profit to increase to Rp 23 trillion this year.
The firm targets its oil output to rise to 117,536 barrels per day this year, from 101,259 barrels per day last year.
Meanwhile, President Director Ari Soemarno said on Thursday that the company targeted its profit to reach Rp 12.3 trillion in the first semester of the year.
The company may produce 171,895 barrels of oil a day next year and 171,894 barrels a day in 2009 as exploration starts at its new fields, such as one in Cepu,
The company is studying ways to boost productivity at its nine mature fields, including injecting chemicals or water into the wells to make it easier to extract oil, Ari said.
The nine fields are Rantau, Kenali Asam, Talang Jimar, Limau Q-51, Kawengan, Nglobo, Bunyu, Sangatta, Tanjung. The firm will enhance the production of all the fields using apply water flooding method, except for Limau Q-51, where the company will use chemical fooding method. (Bernard)