PGE 2013 profit exceeds target
Tuesday, March 25 2014 - 03:54 AM WIB
PT Pertamina Geothermal Energy (PGE), a wholly owned subsidiary of state-owned oil and gas firm PT Pertamina, said that net profit in 2013 reached US$87.06 million, exceeding the $84.68 million target set in the company?s work and budget plan.
PGE President Director Rony Gunawan said that during 2013, production reached 2,961 GWH, or 98 percent of the work and budget plan target of 3,007 GWH.
He added that cost of steam production was lower at $3.51 per ton, or 78 percent lower than the $4.52 per ton set in the work and budget plan. Meanwhile, cost of electricity production was also lower at 2.57 US cents per KWH, compared to the targeted 3.47 cents.
Rony said that the company hopes to perform better in 2014.
PGE said earlier this year that it will spend up to $324 million in capital expenditure in 2014 to finance the drilling of 18 exploration wells.
Editing by Reiner Simanjuntak