Pertamina targets jump in output<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
State-owned oil and gas company Pertamina plans to raise its
\nupstream output, including oil, gas and geothermal steam, by
\nabout 84 percent over the next five years.<\/p>\n
It expects to reach a total output of 470,000 barrels of oil
\nequivalent per day (BOEPD) by 2007, from the estimated 255 BOEPD
\nnext year, according to Pertamina's 2002 year-end report.<\/p>\n
The report said oil output was expected to rise 28 percent to
\n180,000 barrels per day (BPD) in 2007 from 140,000 BPD this year,
\nwhile gas output was projected to increase 69 percent to 1,500
\nmillion cubic feet per day (MMCFD) from 900 MMCFD and geothermal
\nsteam was to increase by 428 percent to 370 megawatt hours per
\nday (MWhD) from 70 MWhD.<\/p>\n
This year, Pertamina produced 266,933 BOEPD, up from 251,301
\nBOEPD last year. Oil output stands at 107,035 BPD of oil this
\nyear, while gas output was at 885 MMCFD, and geothermal steam at
\n29.013 tons per day.<\/p>\n
Pertamina predicts a slight drop in its upstream output next
\nyear, as output from old oil fields dwindle. It said output could
\ndrop to 255,000 BOEPD, down 11,000 BOEPD from this year's rate.<\/p>\n
A number of new oil discoveries have yet to go on stream in
\nthe absence of exploration spending over the past few years.<\/p>\n
Pertamina said on Wednesday it had discovered large oil and
\ngas deposits at its Gunung Kemala wells in the Muara Enim
\ndistrict of South Sumatra.<\/p>\n
The new deposits may hold about 230 million barrels of oil in
\nreserves and another 590 billion cubic feet of gas, Pertamina's
\nlocal general manager for upstream operations Kun Kurnely told
\nAntara.<\/p>\n
A Pertamina spokesperson added that further drilling would
\nverify whether the amount matched the initial findings.<\/p>\n
Facing a possible decline in oil reserves, Pertamina is
\nexpanding its production base to sites outside of Indonesia.<\/p>\n
According to the report, Pertamina will start oil explorations
\nin the Block-3 western desert area of Iraq next year.<\/p>\n
Last year, it also signed a deal with the state oil companies
\nof Vietnam and Malaysia to work together in seeking new oil
\nreserves abroad.<\/p>\n
Pertamina's drive to increase its reserves comes in the wake
\nof a new oil and gas law that will end the long-held monopoly
\nrights of the state company.<\/p>\n
At 107,000 BPD in crude oil production, the company accounts
\nfor less than one-tenth of Indonesia's total crude output of 1.2
\nmillion BPD. The biggest producer here is American firm PT Caltex
\nPacific Indonesia, with an oil output of about 700,000 BPD.<\/p>\n
Pertamina will invest about US$3.57 billion in developing its
\nupstream sector over the next five years.<\/p>\n
Pertamina president Baihaki Hakim, at a year-end presentation
\non Pertamina's performance earlier this week, said the additional
\noutput would more than double Pertamina's next profit, increasing
\nit to Rp 21.9 trillion (about $2.43 billion) from about Rp 10
\ntrillion this year.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pertamina-targets-jump-in-output-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
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