Pertamina Q1 oil output up 14%, gas up 20.8%

State-owned oil and gas company PT Pertamina saw its oil production in the first quarter (Q1) of this year increased by 14 percent to 305 million bopd from 267 million bopd in the same January-March period of last year.

?The higher production was supported by an increase in the production of Pertamina EP Cepu from 20 million bopd in the first three months of 2015 to 67 million bopd in the first three months of 2016,? said Pertamina Upstream Director Syamsu Alam to bisnis.com on Sunday.

Meanwhile, gas production during the quarter reached 1,961 mmscfd, or a 20.8 percent increase from 1,623 mmscfd in the corresponding period of last year.

He explained that the higher gas production was among others contributed by output from two newly acquire blocks from ExxonMobil in Aceh, NSO and NSB blocks, which are currently operated by subsidiary PT Pertamina Hulu Energi (PHE). ?The higher production also came from Senoro block which has been running full production. In the first quarter of 2015, Senoro had yet to make contribution to Pertamina,? Syamsu said.

Syamsu said that Pertamina?s oil and gas production can still potentially increase, with higher production expected to come from Matindok field in Banggai Regency, Central Sulawesi, and higher oil output from Banyu Urip in Bojonegoro Regency, East Java. ?Oil production later on will reach 308 million bopd, and gas 1,950 mmscfd,? he said.

He added that the production at Pertamina?s overseas upstream assets has also increased. ?Total oil output currently stands at 85,000 bopd,? he said. (*)