Pertamina raises production target to 171,900 bpd this year: Minister

State-owned oil and gas company Pertamina has raised its production target to 171,900 barrels per day (bpd) this year from 150,000 bpd in 2008 despite a sharp decline in the production of the company?s old oil wells.

Minister of Energy and Mineral Resources Purnomo Yusgiantoro said in Jakarta last week that Pertamina would boost crude oil production at Sukowati, Tambun, Limau and Poleng fields by drilling more oil wells and also by using enhanced oil recovery (EOR) in old oil wells in order to meet the target.

Speaking during a coordinating meeting with Pertamina?s President Director Karen Agustiawan and the ministry?s other senior officials, he said Pertamina?s exploration & production units PT Pertamina EP was expected to produce up to 125,000 bpd, PT Pertamina Hulu Energi about 34,700 bpd and Cepu 6,700 bpd and 5,000 bpd from newly-acquired fields and those the firm plans to acquire.

Pertamina?s gas production is expected to reach 1,123 million standard cubic feet.

Pertamina owns about 160 production oil fields outside the 31 oil blocks it operated through technical assistance contract (TAC) and the 10 areas operated under joint operation schemes and several fields under joint operating body (JOB) schemes. (*)