Pertamina Hulu Energi Exceeds Oil And Gas Production Target In January-February 2023 Period

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Pertamina Hulu Energi (PHE) as Subholding Upstream Pertamina exceeded its oil and gas production target in the January to February 2023 period thanks to the implementation of three strategic initiatives.

"PHE has consistently drilled development wells and drilled exploratory wells to support increased long-term production. PHE is also running enhanced oil recovery (EOR) and waterflood programs that can withstand the rate of decline in natural oil production," said PHE Main Director Wiko Migantoro in a written statement, quoted from Antara, Wednesday, March 29.

PHE noted that oil and gas production from January to February 2023 exceeded the target, namely 576 MBOPD for oil and 2,785 MMSCFD for gas. This achievement shows a production increase of 2 percent for oil production and 6 percent for gas production.

This achievement was the result of operational performance, namely the completion of 118 development well drillings as well as 103 work-over activities and 4,839 well services. In addition, in early 2023 the drilling of two exploration wells has also been completed.

Meanwhile, continued Wiko, the three strategies. First, sustain, namely asset management of existing working areas (WK) where exploration contributions are needed in maintaining and increasing oil and gas production.

Second, growth. PHE is looking for new exploration potential by uncovering new reserves that can support the company's growth in the long term.

Third, partnership by providing added value to the execution of exploration activities through sharing risks, costs, and the application of technology.

PHE currently manages 39 domestic oil and gas blocks in Indonesia and 25 overseas oil and gas blocks spread across 13 countries. In the majority of blocks, PHE acts as the main operator, and in other blocks through participating interest (PI).

In addition, PHE also has a solid track record in maintaining organic and inorganic growth, in which the oil and gas blocks managed by PHE have an average reserve replacement ratio (RRR) of over 128 percent in the last three years.

PHE is also committed to supporting increased production and maintaining national energy security.

PHE, through its affiliate Pertamina Iraq Exploration Production (PIREP), a subsidiary of Pertamina International EP (PIEP) has also succeeded in increasing its participating interest in the West Qurna 1 (WQ-1) Block in Iraq by as much as 10 percent. This shows PHE's efforts in the spirit of going global.

PHE also continues to be committed to maintaining business practices in line with sustainable investment trends (environmental, social, and governance/ESG) as well as safety aspects.