PHE reports lower oil output, but higher gas production

Petromido|Khalsa

PT Pertamina Hulu Energi (PHE), a subsidiary of state-owned oil and gas firm PT Pertamina, said on Wednesday that oil production last year totaled 62.588 bopd. While the company did not provide comparative figure, the 2016 output was 5.60 percent lower than 66,300 bopd in the previous year as reported by this portal.

PHE said in a statement that gas production last year reached 722 mmscfd, higher than 678 mmscfd in 2015 as reported by this portal in January of last year.

PHE said that last year?s oil and gas output, totaling 187 mboepd, is 1.4 percent higher than the target set under its 2016 work and budget plan, and is also higher that the total output in 2015.

The statement said that revenue last year reached US$1.53 billion and net profit $191 million. The company did not provide comparative figures.

PHE President Director R. Gunung Sardjono said that EBITDA margin last year reached 57.1 percent.

The company said that it has managed to increase its 2C oil and gas reserves. During the past five years since 2011, the exploration directorate of the company managed to increase the 2C reserves from 31 mmboe to 137.91 mmboe, or increasing by an average of 35 percent per year.

Realized exploration reserve findings as per December 2016 was 137.91 mmboe, exceeding the 2016 target of 75.58 mmboe, or 182 percent. The 2C reserves findings resulted among others from drilling of Karang Mudi-1 exploration well (JOB PPEJ) of 1.01 mmboe; the results of GGR study of 134.46 mmboe; and tail production of 2.44 mmboe.

PHE currently has 57 subsidiaries with 52 active oil and gas, and CBM working areas. The company also owns eight joint venture companies, and two affiliated firms engaged in oil and gas upstream and midstream sectors.

Editing by Reiner Simanjuntak