PHE?s 2015 production exceeds target, expects lower 2016 output
Friday, January 15 2016 - 04:28 AM WIB
PT Pertamina Hulu Energi (PHE), a subsidiary of state-owned oil and gas firm PT Pertamina, said that oil and gas production last year reached 66,300 bopd and 678 mmscfd, respectively.
"The 2015 oil and gas production exceeded the target of 66,000 bopd of oil and 567 mmscfd of gas," President Director Gunung Sardjonohadi said.
He added that oil and gas lifting also exceeded target. "From the production of 66,300 bopd, oil lifting was at 65,300 bopd," he said, adding that this exceeded the target of 63,500 bopd.
Gunung said gas lifting stood at 505 mmscfd, higher compared to the target of 490 mmscfd, although far below gas production. "For gas there is a big gap because of on use, flare, venting, and gas impurities," he explained.
For this year, amid the lingering oil price drop, PHE will try to maintain production level so as not to fall significantly, by setting oil production target of 63,900 bopd and 652 mmscfd for gas, Gunung said.
He said that the company will carry out drilling programs to provide additional production, but only if they?re economically viable. If not, it will be postponed, he said.
"Currently, the average cost of PHE?s production is still at around US$20 per barrel," he said.
Editing by Reiner Simanjuntak