State energy giant Pertamina’s global arm, Pertamina International EP (PIEP), booked outstanding performance last year with its oil and gas production from its overseas assets exceeding its targets.
Oil production reached 109 percent of the target, while gas production reached 118 percent.
The overachievement in oil production is primarily attributed to assets in Iraq, Gabon, and Angola, while gas comes from assets in Algeria, Malaysia, and increased production in Tanzania.
“If production reaches 213 thousand barrels of oil equivalent per day (BOEPD), it is 112 percent higher than the company’s work plan and budget (RKAP) target of 194 thousand BOEPD,” Jaffee A. Suardin, CEO of Pertamina International EP, said on Thursday, February 15, 2024.
This positive performance is supported by an increase in proven reserves (P1) by 29 million barrels of oil equivalent (MMBOE), significantly exceeding the 2023 RKAP target of 3 MMBOE by 935 percent.
Additionally, contingency reserves (2C) reached 11.1 MMBOE, surpassing the 2023 RKAP target of 3.5 MMBOE by 317 percent.
With the approval of 6 Extended License Agreement (ELA) in Algeria in December 2023, along with the success in adding Block SK 510, the latest block award since 2017, PIEP strengthens its operations in Malaysia with existing assets in SK309 and SK311 under contract until 2040.
“PIEP’s performance will continue to be optimized in 2024 through various innovations. This signifies that we need to have a strong foundation to move further and achieve the set targets,” added Jaffee. He mentioned other achievements of PIEP, such as Unlocking Venezuela Potential and the completion of the Wentworth acquisition.
In a separate statement, Fadjar Djoko Santoso, Pertamina’s Vice President for Corporate Communication, said the company is exploring opportunities to expand its operational reach abroad through its subsidiaries, including PIEP.
“PIEP’s operations are an effort to achieve self-sufficiency and strengthen the nation’s energy resilience. We have the spirit of ‘bring the barrel home,’ meaning the results from overseas oil and gas fields will return to the homeland,” stated Fadjar.
