PIEP Successfully Productiond 109 Percent Oil Above Target

AGMS PT Pertamina Internasional EP (PIEP) Doc. PIEP

JAKARTA - PT Pertamina Internasional EP (PIEP) recorded oil and gas production (oil and gas) exceeding the target. In 2023, PIEP recorded a good Key Performance Indicator (KPI) realization, reaching 107 percent and increasing oil and gas production, when compared to the previous year with details of oil production above the target or 109 percent, which was a contribution from Iraq and other assets in Gabon and Angola.

Meanwhile, gas production is above the target or 118 percent, with contributions from Algeria, Malaysia, and Tanzania assets. When combined with oil equivalent, production reaches 216 thousand barrels of oil equivalent per day (KBOEPD) or 112 percent higher than the company's 2023 work plan and budget (RKAP) target.

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 set target," said PIEP President Director, Jaffee A. Suardin, Thursday 9 May.

Meanwhile, for proven reserves (P1) of 29 million barrels of oil equivalent (MMBOE), 943 percent greater than RKAP 2023 of 3 MMBOE, while contingency reserves (2C) of 11.1 MMBOE, are 320 percent greater than the target of RKAP 2023 of 3.5 MMBOE.

In addition, in 2023 PIEP also recorded approval for the extension of the 6 Extended License Agreement (ELA) in Algeria in December 2023.

Meanwhile, in terms of Health, Safety, Security, & Environment (HSSE) performance, PIEP said the Lost Time Incident rate (LTI) was zero, realization until the end of 2023, and the total recordable incident rate (TRIR) was also recorded at zero, both of which were still under restrictions.

Of the total Manpower of 438 personnel, PIEP recorded 34,197 million hours without a work accident. This is an excellent achievement and reflects PIEP's high commitment to HSSE aspects. However, increasing the work safety culture will always be the main agenda in PIEP's operational activities.

"We continue to remind PIEP officers to continue to comply with company regulations that have been made for our common safety. The journey is still long to make PIEP a recognized company globally," said PIEP President Commissioner Dharmawan H. Samsu.

Although world oil prices in 2023 are lower than 2022, thanks to the achievement of higher production and efforts to finance efficiency through the optimus program, the Company in 2023 managed to record a net profit (owner of the parent entity) of 150 percent of the target and the achievement of EBITDA in 2023 of 134 percent of the target.

"Positive performance from PIEP's operations is an effort to achieve independence and strengthen national energy resilience, we have the spirit of bringing the barrel home, meaning that the results from oil and gas fields abroad will return to the country, besides that we will also seek to bring value home where the oil and gas produced is sold in the international market spot," concluded Jaffee.