Pertamina?s net output share from overseas assets exceeds target

State-owned oil and gas company PT Pertamina saw its share of net output from oil and gas assets overseas held by subsidiary PT Pertamina Internasional Eksplorasi & Produksi (PIEP) increased by 7.2 percent in the first eight months of this year to 120.59 thousand barrels of oil equivalent (boepd) from 112.1 thousand boepd in the corresponding period of last year.

PIEP President Director Slamet Riadhy said that the January-August output level has exceeded this year?s target of 104.95 thousand boepd.

?The achievement is a result of efforts to increase production at all PIEP assets in Algeria, Iraq, and Malaysia,? he said in a statement issued Friday.

The statement said that the largest contributor was asset in Iraq with net share of 43.7 thousand boepd, followed by Algeria asset with net production share of 41.13 thousand boepd, and Malaysia 35.77 thousand boepd.

Slamet said that the higher production in its asset in Iraq was linked to the successful application of waterflood program. Higher production was seen in Malaysia from South Acis and Permas fields, and Block K. In Algeria, Pertamina higher production came following overhaul program at MLN field.

As per August, PIEP has drilled one exploration well, 12 development wells, and 76 workover programs in the entire overseas assets. There will be another 16 wells to be drilled, and workover program in 91 wells toward the end of this year.

Editing by Reiner Simanjuntak