Pursuing 2022 Target, Pertamina Upstream Subholding Targets Drilling 29 Developer Wells

JAKARTA - PT Pertamina Hulu Energi targets oil and gas production to increase to 1,047 MBOEPD. In addition, Pertamina's Upstream Subholding also targets additional reserves in 2022 of 755 MMBOE and additional resources of 222 MMBOE.

"In 2022, Pertamina's Subholding Upstream exploration well drilling target is 29 wells and development well drilling target is 813 wells," Director of Strategic Planning & Business Development for Pertamina's Upstream Subholding, Danar Dojoadhi in a written statement, Monday, April 4.

Not only that, several breakthroughs were also made by Pertamina's Upstream Subholding to achieve the target.

"Digitalization, Optimus program (Optimization Upstream Cost), implementation of ESG (Environmental, Social, Governance) and Onstream several projects such as Jambaran Tiung Biru, OPLL PHSS, Handil and Emain Waterflood," added Danar.

As an effort to improve performance and fulfill government regulations, he continued, Upstream Subholding mapped priorities according to the direction of the Ministry of SOEs into 5 priorities.

The five priorities include Economic and Social Value Priority for Indonesia, Business Model Innovation Priority, Technology Leadership Priority, Energize Investment Priority and Unleash Talent Priority.

In Prioritizing Economic and Social Values for Indonesia, Upstream Subholding carries out several programs, namely Optimus, ESG Score and Decarbonization.

"Then on the Priority for Innovation of the Upstream Subholding Business Model, Pertamina made efforts to propose fiscal incentives for PHKT. Priority for Technology Leadership, Pertamina's Upstream Subholding realized it through the Crown Jewel Mahakam revitalization program," continued Danar.

Furthermore, Priority Energize Investment, Subholding Upstream Pertamina carries out several programs including increasing I/EOR activities in partnership or independently, structure rejuvenation & reactivation of suspended wells, Upstream Plant Reliability 97.5 percent, acquisition of domestic and foreign oil and gas operators/blocks, accelerated exploration of 29 wells and unconventional MNK.

Lastly, in Priority Unleash Talent, Pertamina's Upstream Subholding has a fast track program for superior talent that is inclusive, 13 percent of women are nominated for talent and 26 percent of mineral workers.

Pertamina's Upstream Subholding has also compiled 11 material topics in the implementation of the ESG strategy and the decarbonization strategy to realize environmentally friendly operations.

Integration of collaboration and innovation continues to be carried out by Pertamina's Upstream Subholding to support aggressiveness in 2022 in the form of synergies and prioritize HSSE and Corporate Life Saving Rules as well as implementing ESG in the company's business processes.

"With the synergy under Pertamina's Upstream Subholding, it is an added value to be able to increase competitiveness through operational excellence, especially in the upstream oil and gas business. After this one year restructuring, it is also expected to be able to accelerate both existing and new businesses, open up wider opportunities, flexibility , partnerships, and sources of funding," he concluded.