PHE books S$204m profit in 2015

PT Pertamina Hulu Energi (PHE), a subsidiary of state owned oil and gas firm PT Pertamina (Persero), said it was able to book a net profit of US$204 million last year despite oil price drops.

The firm however did not provide comparative figures from the previous year.

Sales reached $1.782 billion, while EBITDA margin reached 52.49 percent, PHE?s President Director Gunung Sardjono Hadi said.

Average price of oil fetched by the firm last year was $49.7 per barrel, while gas price averaged $5.92 per mmscfd.

Oil and gas production reached 183,000 barrels of oil equivalent per day (boepd), higher than the target of 175,000 boepd set in the firm?s work and budget plan (RKAP). Oil production reached 66,300 bpd compared to the RKAP target of 68,330 bpd; while gas production reached 678 mmscfd, higher than the RKAP target of 619 mmscfd.

Throughout last year, the firm drilled 15 exploration wells and 44 development wells. Thanks to the activities, the firm managed to add 36.47 million boe to its reserves (P1).

Like all other oil and gas companies, the firm carried out cost-cutting efficiency measures to weather the market downturn. While implementing the efficiency program, however, the firm continued to take care of health, safety, security, & environmental (HSSE) aspects of its operations. No fatalities occurred during its operations last year, according to Gunung.

Editing by Johannes Simbolon