Pertamina targets oil production to rise 13% in 2012
Wednesday, January 11 2012 - 02:32 AM WIB
State oil and gas company PT Pertamina targets its oil production to rise by 13 percent this year to 244,000 barrels of oil per day.
Sigit Rahardjo, Vice President for Upstream Strategic Planning & Portfolio of Pertamina, said that in order to achieve the target, the company will ramp up production through organic growth (internal) and un-organic way or through acquisition of blocks or fields.
He said to boost production, Pertamina will drill more wells, carry out work-over of certain wells, optimizing existing wells and fields as well as activate idle fields. In addition, the company will also implement enhanced oil recovery (EOR) program to boost oil reserves at its reservoirs.
Apart from organic growth, Pertamina plans to acquire oil and gas fields or blocks at home and abroad. ?Acquisition is a must,? he said.
As for gas production, Pertamina targets to produce 1,672 million standard cubic feet per day (MMSCFD) in 2012, higher than 2011 estimated production of 1,490 MMSCFD. The production increase will come from additional gas production from existing fields and from acquired fields.
Editing by Roffie Kurniawan