PHE?s oil, gas output grows at 14% pa since 2008
Monday, July 31 2017 - 01:16 AM WIB
Upstream company PT Pertamina Hulu Energy (PHE), a subsidiary of state-owned oil and gas company PT Pertamina, said that oil and gas output in the first semester of this year exceeded 199 MBOEPD.
PHE said in a statement on Saturday that its oil and gas production has been growing at an average rate of 14 percent per annum in the past decade since 2008, when output stood at only 62 MBOEPD.
The company said that gas production has been growing at an annual rate of 18 percent to exceed 742 MMSCFD in the first semester of this year from 163 MMSCFD in 2008, while oil output has been growing at an annual rate of only 9 percent reaching 71 MBOPD in the January-June period of this year.
?The oil and gas production performance of PHE during the past decade has grown in line with the entry of a number of producing blocks to PHE such as Offshore North West Java (ONWJ), West Madura Offshore (WMO), North Sumatera Offshore (NSO) and the on stream of a number of projects at ONWJ including GG field and Senoro Toili,? said PHE President Director Gunung Sardjono in the statement.
Gunung said that amid the generally weak oil price environment, the company?s oil and gas production performance is quite encouraging.
PHE currently operates 53 working areas comprising of seven JOB-PSCs, 28 Pertamina Participating Interests (PPIs), and 14 Coal Bed Methane PSCs (PSC-CM). The company also manages two non-conventional oil and gas PSCs, and two downstream assets, namely Arun NGL and Donggi Senoro LNG, and Block SK-305 in Malaysia.
Gunung said that PHE accounted for 29 percent of Pertamina?s upstream production. In the first half of this year, PHE contributed 200.68 MBOEPD of Pertamina?s average output of 692 MBOEPD, compared to contribution of 63.18 MBOEPD, or about 18 percent, in 2008.
PHE?s oil and gas reserves has also increased from 494 MMBOE on January 1 of this year to 630 MMBOE as per end June 2017, comprising of 340.2 MBOE of gas reserves, and 289 of oil reserves. ?PHE?s largest reserves are located in Java particularly at ONWJ block. The challenge now is to monetize the gas finds,? Gunung said.
Editing by Reiner Simanjuntak