Given the high production rate achieved recently, PT Pertamina EP, a subsidiary of state oil and gas company PT Pertamina, expects to produce more than this year’s oil production target of 125,500 barrels oil per day (bopd).

“We are optimistic that we will pass the target as our average oil
production between January and November 2009 has reached 126,686 bopd
or 1,186 bopd above the target,” Pertamina EP’s public relations
manager Mochamad Harun said in a statement.

Harun added the recently achieved production level of 126,686 bopd was
an increase of 8.6 percent on the production figure in 2008, which was
116,600 bopd.

Pertamina EP’s production should come to about 13 percent of the country’s total oil production.

Harun said that Pertamina EP’s major oil fields and blocks were the
Java region with an average production of 25,000 bopd; the Sumatra
region with an average production of 19,000 bopd; the Sukowati block
with an average production of 32,000 bopd; and the Limau block with an
average production of 12,000 bopd.

Other blocks also contribute oil production within the range of 2,000 bopd to 10,000 bopd.

In 2010, Pertamina EP expects to increase its overall oil production to
128,000 bopd. The company said that its oil wells actually had a
natural declining rate of production of 18 percent a year. But, it will
strengthen its exploration and exploitation activities to meet the
targets.

Parent company PT Pertamina has said that it expects to boost total oil production by 10.93 percent next year.

“We expect that Pertamina oil production will increase from 174,000
bopd, which was the production target for 2009, to 193,900 bopd in
2010,” Pertamina’s president director Karen Agustiawan told lawmakers
on Nov. 12.

Among Pertamina’s subsidiaries, Pertamina EP contributes the biggest
profit for Pertamina. In 2008, the company booked profits of Rp 19.08
trillion, so that more than 70 percent of Pertamina’s overall profits
were generated from one source.

As for gas, Pertamina EP’s average production from January to November reached 1,050 million standard cubic feed per day.

Of this, 28 percent is supplied to state gas distributor PT Perusahaan
Gas Negara (PGN), 18 percent to the fertilizer industry, 22 percent to
other domestic industries, 18 percent to power plants and the remaining
14 percent to Pertamina’s refineries and for other internal uses.

Source: The Jakarta Post

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