Pertamina reports slower growth in oil, gas production

Petromindo|Boim

State-owned oil and gas firm PT Pertamina saw higher oil and gas production in the first semester of this year, but the growth rate was slower compared to the same period of last year, Bisnis Indonesia reported on Monday.

The paper said that oil and gas production in the first-half of this year grew by only 8.1 percent to 692,000 boepd from the same period of last year.

Production in the January-June period of last year, stood at 640,000 boepd, which was a 12.5 percent growth from the corresponding period of the previous year.

Pertamina?s first-half oil and gas production was among others contributed by output from oil and gas field operated by subsidiary PT Pertamina EP (PEP), which reached 248,000 boepd, or lower than 257,000 boepd in the same period of last year. PEP?s oil output in the first semester of this year reached 79,000 bpd, down from 86,000 bpd in the corresponding period of last year. Meanwhile, gas output in the first semester of this year reached 980 mmscfd, or a slight decline from 989 mmscfd in the corresponding six-month period of 2016.

Another subsidiary PT Pertamina Hulu Energi contributed 199,000 boepd of oil and gas output in the first six months of this year, higher than 190,000 boepd in the corresponding period of last year. Oil output increased from 64,000 bpd to 70,000 bpd, while gas production rose to 742 mmscfd from 728 mmscfd.

Meanwhile, the paper said that PT Pertamina EP Cepu, which holds a 45 percent interest in the Cepu block, produced 93,000 boepd of oil and gas in the first semester of this year, up from 75,000 boepd in the same period of last year. Realized oil output increased to 90,000 bpd from 71,000 bpd, while gas production reached 18 mmscfd, lower than 24 mmscfd in the same period of last year.

Senior Vice President of Upstream Strategic Planning and Operation Evaluation at Pertamina, Meidawati said that the higher output was also attributed to the increase in the company?s ownership at the ONWJ block to 100 percent, and higher production at Banyu Urip, in Cepu block.

Meanwhile, there was also increasing production from assets overseas after Pertamina increased its share ownership in Maurel & Prom, an independent upstream company listed on Euronext, earlier this year. Assets in Algeria and Iraq also delivered positive output results.

PT Pertamina Internasional EP, which holds Pertamina?s overseas assets, saw oil and gas production in the first-half of this year increased to 152,000 boepd from 118,000 boepd in the corresponding period of last year. Oil production increased to 104,000 bpd, while gas output rose to 281 mmscfd from 197 mmscfd. (*)