Pertamina International Oil Production Reaches 109 Percent
JAKARTA - PT Pertamina Internasional EP (PIEP) recorded oil production above the target of 109 percent which is a contribution from Iraq and other assets in Gabon and Angola.
Meanwhile, gas production is above the target of 118 percent with contributions from Algeria assets, Malaysia and other assets (higher production in Tanzania).
President Director of PIEP, Jaffee A Suardin said, when combined with oil equivalent, production reached 213,000 barrels of oil equivalent per day (KBOEPD), 112 percent higher than the target of the Company's Work Plan and Budget (RKAP) of 194 kboepd.
"This is supported by an increase in proven reserves (P1) by 29 million barrels of oil equivalent (MMBOE), 935 percent greater than RKAP 2023 by 3 MMBOE. Meanwhile, contingency reserves (2C) by 11.1 MMBOE, 317 percent greater than the target of RKAP 2023 by 3.5 MMBOE," said Jaffee, Thursday, February 15.
Jaffee added, with the approval of the extension of the 6 Extended License Agreement (ELA) in Algeria in December 2023, coupled with the success of adding the SK 510 Block, it is the latest block award since 2017, which strengthens PIEP operations in Malaysia with existing assets in SK309 and SK311 with a contract duration of up to 2040.
PIEP's performance will continue to be optimized in 2024 by making various innovations. This can mean that we must have a strong foundation to go further and achieve the targets set," continued Jaffee.
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He explained that another achievement was the Unlocking of Venezuela's Potential and Settlement of Wentworth Acquisition. On the HSSE performance side, the Lost Time Incident Rate (LTI) achievement is zero (0), realization until the end of 2023, and the Total Recordable Incident Rate (TRIR) is also recorded at zero (0) where both are still under restrictions.
Of the total manpower of 403 personnel, PIEP recorded 34,197 million hours without a work accident.