Record Positive Performance, Pertamina Hulu Indonesia Targets 63.4 MBOEPD Oil Production

JAKARTA PT Pertamina Hulu Indonesia (PHI) as Pertamina's Kalimantan Subholding Upstream Regional recorded a positive performance in 2022 by successfully achieving oil production of 60.2 MBOEPD and gas of 764.7 MMSCFD.

President Director of PHI, Chalid Said Salim explained, 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," he said in a statement to the media, Thursday, April 13.

Chalid also revealed that the company has also succeeded in drilling 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.

He continued, 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 strategy that has been set," added Chalid.

He continued, the strategies that will be implemented in 2023 include the optimization of portfolios in exploration, development, production optimization, operating synergy, and increasing the reliability of production facilities in the Company's working area in Kalimantan.

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.

"Efficiency efforts and cost optimization during 2022 by the Company managed to generate savings exceeding the target, reaching US$66.5 million or more than 950 billion from 20 program initiatives in the Cost Saving, Cost Avolution, and Revenue Growth categories," explained Chalid.