PHE meets oil and gas production target

By Godang Sitompul

PT Pertamina Hulu Energi (PHE), a subsidiary of state owned oil and gas firm PT Pertamina (Persero) largely met its oil and gas production target in the first four months of the year.

As of April this year, oil production averaged 65,241 bopd or 99 percent of the target set in its Work Program & Budget (WP&B), while gas production at 478 mmscfd, 101 percent of the WP&B target, PHE?s President Director Gunung Sardjono said.

It has drilled seven exploration wells, out of 17 targeted for this year, 23 development wells, out of 61 targeted this year.

Investment spending reached US$206 million, out of the annual target of $840 million, he said.

Editing by Johannes Simbolon