Pertamina targets to raise production from Malaysian block to 70,000 boepd

PT Pertamina Internasional Eksplorasi & Produksi (PIEP) targets to increase the oil and gas production from the block in Malaysia it acquired from American firm Murphy to 70,000 boepd by 2020, state owned oil and gas firm PT Pertamina (Persero) said in a statement on Monday.

At present, the block produces 42,000 boepd of Pertamina?s net share, including 24,000 bpd of oil, PIEP?s President Director Slamet Riadhy said.

?We are optimistic the production will continue to increase. By 2020, Pertamina?s net share from the block is projected to increase to 70,000 boepd,? he said while launching the office of Pertamina Malaysia Eksplorasi-Produksi in Kuala Lumpur.

Pertamina has thus far three times lifted oil from the oil, with a volume of 300,000 and 500,000 bpd each. The oil was supplied to the Cilacap refinery in Central Java.

Pertamina signed deal last September to acquire Murphy?s 30 percent stake in the block located offshore Sabah and Serawak for US$2 billion.

Editing by Johannes Simbolon