PIEP?s output up slightly to 122,600 boepd
Monday, October 17 2016 - 12:50 AM WIB
Antara quoted PIEP President Director Slamet Riyadi as saying Sunday that oil production in the January-September period of this year reached 86.7 bopd, while gas at 207 mmscfd.
In comparison, oil production in the same period of last year stood at 78.4 bopd, while gas output at 204 mmscfd.
?The production increase was supported with average increase in production from Project Phase 4 Development Algeria of 2,500 bopd, water injection di Iraq which increased by around 4,000 bopd, and gas and water injection at oil and gas field in Malaysia which increased by around 3.000 boepd," Slamet explained.
PIEP has set an average production target this year of 123,000 boepd, comprising of 87,000 bopd of oil, and 215 mmscfd of gas. ?We?ll try to maintain production level until end of this year at around 120,000 boepd,? Slamet said.
PIEP projected production to reach 700,000 boepd until 2025, both from existing blocks including in Iraq, Malaysia, and Algeria as well as from new assets to be acquired by the firm in the future.
Last year, realized output was 113,000 boepd, higher than the 93,000 boepd target, of which 39,000 boepd came from Algeria, 36,000 boepd from Iraq, and 38,000 boepd from Malaysia assets.
Antara said that the West Qurna field in Iraq will reach production peak of 1.6 million barrels in 2022. With participating interest of 10 percent, PIEP?s share of the output is 160,000 barrels.
Output from asssets in Malaysia and Algeria will each contribute 45,000 barrels by 2025, thus providing a total of 250,000 barrels of extra output for the company in 2025. New assets are expected to provide another 350,000 barrels.
Slamet said that expansion overseas by Pertamina is a necessity as Indonesia?s oil demand in 2025 will reach 2 million barrels, of which 1.5 million barrels must be imported.(*)