PHE targets 7.5% production growth

PT Pertamina Hulu Energi, an upstream arm of state owned oil and gas firm PT Pertamina (Persero) targets to produce 161,000 boepd this year, up by 7.5 percent from 149,680 boepd in the previous year thanks to the good performance of Offshore North West Java (ONWJ) block and the West Madura Offshore (WMO) block.

PHE?s President Director Tenny Wibowo said he is optimistic to achieve the target in view of the firm?s achievement over the past four months despite disturbances caused by bad weather in the beginning of the year. The firm?s oil and gas output reached 151,830 boepd in the period, exceeding the target of 144,000.

As of April 2014, PHE recorded 192,000 boepd of oil and gas production up to April this year from blocks it oprates, including 111,680 bopd (PHE portion amounting to around 66,400 bopd) and 466.5 mmscfd of gas.

?In view of the production positive trend, we are optimistic that PHE production will reach 161,000 boepd, including 72,630 bpd of oil and 510.8 mmscfd of gas,? he said in a statement Friday.

This year, the firm planned to drill 84 development wells and 64 exploration wells, which consist of 38 conventional wells and 26 unconventional wells.

Editing by Johannes Simbolon