PHE Target Oil Lifting 742,000 Barrels Of Equivalent Oil Per Day

PT Pertamina Hulu Energi (PHE) targets oil and gas production (oil and gas) in 2024 to reach 742,000 barrels of oil equivalent per day (BOEPD).

"Seeing that the history in 2022 for oil and gas is 711,000 boepd, in 2023 it is 728,000 boepd equivalent, then we have a target in 2024 it is 742,000 boepd," said PHE President Director Chalid Salim in a Hearing Meeting with Commission VII DPR RI, Wednesday 27 March.

Chalid detailed that the PHE oil lifting target in 2024 is 420,000 BOPD and a gas channel is 1.8 billion cubic feet per day (BCFD).

Furthermore, Chalid said that the realization of PHE's oil lifting in 2022 will reach 415,000 BOPD, while the realization in 2023 will also be the same at 415 thousand BOPD. For this year, his party is targeting lifting up to 420,000 BOPD.

Meanwhile, the gas line in 2022 was recorded at 1.7 BCFD, then increased in 2023 to 1.8 BCFD and PHE targeted 1.86 BFCD in 2024.

"This is an illustration of why we are withdrawing history from 2022 to 2024 to provide what was sought in 2023 as a basis for entering 2024 and continuing to increase," he explained.

To achieve this target, continued Chalid, PHE set a massive drilling strategy in all regions of the company's work. PHE set the target of lubricating 768 wells consisting of 739 exploration wells and 29 exploration wells.

The realization of drilling in 2022 was recorded at 680 wells consisting of 665 exploitation wells and 15 exploration wells, then in 2023 it increased to 793 wells consisting of 776 exploitation wells and 17 exploration wells.

PHE targets to carry out work-over, well-intervention, and well-service activities with a total of 32,829 jobs in 2024 or an increase from 2022 which recorded 28,416 jobs and in 2023 as many as 31,500 jobs.

In terms of capital expenditure (capex), Chalid said that his party provided funds of 5.7 billion US dollars to run a work program in 2024. A total of 4.4 billion US dollars will be used for PHE operations both in domestic and foreign oil and gas blocks.