Pertamina targets oil, gas output to reach 1.9m boepd in 2025
Thursday, September 29 2016 - 09:17 AM WIB
State-owned oil and gas firm PT Pertamina has set a target for its oil and gas production to jump to 1.9 million boepd in 2025.
?Upstream operations are the backbone of Pertamina?s revenue and performance because it is an energy company. In 2025, it has been targeted for oil and gas production to reach 1.9 million boepd,? said Vice President for Corporate Communications at Pertamina, Wianda Pusponegoro on Thursday.
She said that company?s oil and gas output from existing fields as per September of this year stands at about 660,000 boepd.
Going forward, output from development projects such as EOR, acceleration, etc, is projected to reach 246,000 boepd. From 11 projects in the geothermal sector, output is projected to reach 90,000 boepd.
The company is also looking into possibility of entering into oil and gas blocks whose contracts are set to expire in the future. ?There are about 30 (oil and gas) blocks whose contracts are set to expire (through to 2025), which are being reviewed by us. If the figures are good, we will enter as operator with production target of up to 481,000 boepd.? Wianda said.
Meanwhile, there will be additional output from Pertamina?s existing oil and gas assets overseas as well as those to be acquired in the future, which has huge reserves estimated to be in billions of barrels.
?We?re very confident and enthusiastic for acquisition of overseas blocks, with future production target of up to 473,000 boepd, so that the 1.9 million boepd production target by 2025 can be met,? Wianda said.
Editing by Reiner Simanjuntak