Pertamina?s production up 11.9 percent

State-owned oil and gas firm PT Pertamina reported that production increased by 11.9 percent to 520,360 barrel oil equivalent per day (boepd) in the first semester of this year compared to the same period of last year.

Pertamina Vice President for Corporate Communications Ali Mundakir said in a statement obtained late Sunday that the higher output was primarily contributed by overseas production via PT Pertamina International Production and Exploration, and an increase in the consolidated production of subsidiary PT Pertamina Hulu Energi.

?From the overseas operation, Pertamina obtained additional production of 57,090 bopd. Add with the relatively stable gas output of about 1,540 mmscfd, Pertamina?s oil and gas production (in the first semester) totaled 520,360 boepd,? he said, adding that the performance provides optimism for the company to achieve the 2.2 million boepd production target by 2025.

Ali said that Pertamina?s oil and gas production is targeted to increase by about 7 percent per year, which is expected to come from existing fields as well as from overseas expansion.

Pertamina has said that the 2025 production target is expected to come from existing fields about 900,000 boepd, from international expansion 600,000 boepd, and the remainder from among others increase in participation rights, and CBM and shale gas development.

By 2018, Pertamina expects its subsidiary PT Pertamina EP to become the largest oil and gas producer in the country with production target of 375,000 boepd, Ali said.

Editing by Reiner Simanjuntak