Pertamina Hulu Indonesia Targets Drill 198 Wells Throughout 2023

JAKARTA - PT Pertamina Hulu Indonesia (PHI) as Pertamina's Kalimantan Subholding Upstream Regional targets to drill 197 wells throughout 2023 to boost oil lifting.

President Director of PHI Chalid Said Salim explained that in order to face the challenges of the mature oil and gas field, the company implemented an aggressive exploration activity strategy to find new resources, baseline optimization and development to increase production, increase synergy and procurement together with the group's Pertamina entity, as well as evaluation and optimization of portfolio assets.

"In 2023, the PHI production target was set at 63.4 MBOPD for oil and 668.5 MMSCFD gas followed by a drilling target of 198 development wells, 5 exploration wells and 337 workovers. This target is in line with the established strategy," said Chalid to the media quoted Friday, April 14.

He added that until the first quarter, PHI managed to achieve oil production of 60.2 MBOEPD and gas of 764.7 MMSCFD. This achievement succeeded in showing an increase in production by 4 percent for oil production and 14 percent for gas production compared to 2022.

"The significant increase in gas production plays an important role in maintaining gas supply in East Kalimantan to PLN, Jargas, petrochemicals, fertilizers and LNG," continued Chalid.

Not only that, he continued, the company also managed to drill 44 esploitation/development wells.

Through PT Pertamina Hulu Sanga Sanga (PHSS), the Company has drilled the Polaris D-1X exploration well on March 20, 2023.

This well is an entrance to the PHSS work area and has a deeper reservoir target compared to reservoirs in the field that have been producing around the region.

For seismic activities, the Company conducted the First 3D Sea Seismic Survey in North Kalimantan waters until May 2023 through PT Pertamina Hulu Energi Off Bunyu Beach (LPB FE).

This seismic activity is expected to be used for verification and search for new oil and gas resource reserves so that they can contribute to the construction of the oil production target of 1 million barrels by 2030.

In addition, according to Chalid, the Company is also encouraging digitalization to improve collaboration, business, and innovation as well as to make cost efficiency and optimization throughout the company's business cycle so as to generate cost savings and superior operating performance.