Pertamina?s net profit jumps by 221%

State-owned oil and gas company PT Pertamina said that net profit in the first semester of this year surged by 221 percent to US$1.83 billion year-on-year.

The company said in a statement Thursday that the soaring net profit was a result of improving operational performance and various efficiency and value creation measures.

Pertamina said that revenue in the January-June period of this year totaled $17.19 billion. It did not provide comparative figure.

The company said that in the upstream division, total output in the first semester of this year was 640,000 boepd, a 16.4 percent year-on-year increase. This comprises of 305,000 bpd of oil and 1,938 mmscfd of gas.

It added that a number of upstream investments have been realized such as the 1x55 MW PLTP Ulubelu 3 geothermal power plant, which has started production, and the 2x55 MW Lumut Balai geothermal power plant project, whose progress has reached 46 percent.

Meanwhile, gas transportation in the first semester reached 262 BSCF, or a slight 1 percent decline from the corresponding period of last year. Gas sales during the period totaled 338,000 BBTU.

Pertamina said that production cost at its fuel refineries declined to 97.5 percent MOPS by end of June of this year from previously 98.2 percent MOPS.

The company said that sales of fuel products during the first semester of this year was relatively stable at 31.6 million kilo liters, up slightly by 5.3 percent year-on-year. The company said that its new fuel product brand Petralite has been quite successful in the market, with 1.2 million kl of sales volume during the first semester of this year.

Elsewhere, the company said that it continues to develop new gas infrastructure facilities. Progress of a number of gas pipeline projects such as Arun-Belawan-KIM-KEK, Muara Karang-Muara Tawar, Gresik-Semarang, and Porong-Grati has reached above 80 percent.

Editing by Reiner Simanjuntak