PT Pertamina Hulu Mahakam (PHM) is preparing three onstream projects this month, namely Peciko 8B, SWPG Debottlenecking, and Bekapai Artificial Lift.

"Preparations for onstream activities for these three projects have begun since February 2024, where installation for production equipment is underway on the SWP-G, MWP-B, and MWP-BA platforms," PHM Manager for Communication Relations, Dony Indrawan, said on Sunday, March 17, 2024.

Dony cited that the three onstream projects will increase production by approximately 15 Bcf of gas and 2.5 MMbbl of oil for PHM's portfolio. The total investment allocated by PHM for these three projects amounts to US$51.637 million.

"These projects are expected to support PHM's oil and gas production sustainability," he said.

Previously, the Upstream Oil and Gas Regulatory Task Force (SKK Migas) was evaluating the realization of the Long-Term Plan (LTP) of 1 million barrels of oil per day (bopd) and 12,000 million cubic feet per day of gas (MMscfd).

Head of SKK Migas Dwi Soetjipto said the agency would postpone the long-term target by two to three years from the current 2030 LTP target. The reason, according to him, is that the realization of oil and gas lifting planned in the LTP, which was formulated in 2019, was affected by the pandemic for almost three years.

"Basically, it may be postponed by about two to three years due to the pandemic we have been facing," Dwi told a hearing with Commission VII of the House of Representatives in Jakarta on Wednesday, March 13, 2024.

He said that some strategic oil and gas upstream projects have been delayed due to the pandemic since 2020. Consequently, he said, several plans included in the LTP project do not align with the targets.