Pertamina to increase oil production by 8% next year

State owned oil and gas company Pertamina plans to increase oil production by between 7 and 8 percent to between 183,933 and 185,993 barrels per day (bpd) next year, Kontan reported on Saturday.

Pertamina?s president director Karen Agustiawan said in Jakarta on Friday that the company was expected to produce about 171,900 bpd this year, an increase of about 14 percent from 150,200 bpd last year.

Karen said she was quite optimistic to reach next year?s oil production target given the upward trend in the company?s production in recent months. ?Up to October, our production has reached 181,000 bpd,? she said.

Pertamina would expand its production from existing oil fields such as Sukowati and Limau. Especially for Limau, the company would use tertiary recovery technology to recover its declining production. The field, which was firstly developed in early 1960s, can only produce about 2,000 bpd at present.

In addition, Pertamina will also develop new fields such as the Cepu oil block, which is expected to produce 11,700 bpd next year.

Pertamina produces oil and gas through two subsidiaries Pertamina EP and Pertamina Hulu Energi.

Pertamina EP said its oil production during the January to October reached 125,800 bpd, exceeding this year?s target of 125,500 bpd.

Pertamina EP?s director Salias Aprilian said that the production would have been higher if the company?s Glagah Kambuna block could be operated at a full capacity. ?The production at the block has not reached its full capacity because the delay in the PLTGU Belawan combine cycled power plant,? Salias said.

Pertamina Hulu Energi expected to produce 34,700 bpd this year. (*)