PHE Records Oil And Gas Production Growth Of 7 Percent Throughout 2022

PT Pertamina Hulu Energi (PHE) recorded oil and gas production growth of 7 percent compared to last year and a net profit of 4.67 billion US Dollars (US) in 2022.

Meanwhile, PHE's national contribution is also increasingly significant in oil lifting by 68 percent and gas lifting by 33 percent.

President Director of PT Pertamina (Persero) Nicke Widyawati said, PHE managed to achieve production of nearly 1 million BOEPD or 967 MBOEPD from 65 oil and gas blocks in 2022.

PHE's national contribution is also getting more and more significant over oil lifting by 68 percent and gas lifting by 33 percent.

"As of today, Pertamina's oil and gas production has exceeded 1 million BOEPD. This is inseparable from Pertamina's strategy in establishing the concept of holding subholding so that PHE has sufficient flexibility in formulating strategies and making quick decisions according to the dynamic business ecosystem situation," said Nicke Widyawati, quoted Wednesday, May 17.

Furthermore, the President Director of PT Pertamina Hulu Energi, Wiko Migantoro, stated that with the realization of an investment of US$3.2 billion and an opex of US$5.9 billion in carrying out 689 development wells, 638 workovers, reactivation of wells and watersloods, PHE became an important contributor in its role in building the national economy of upstream oil and gas activities.

Various large onstream projects such as SLO Rokan stage 1, Jambaran Tiung Biru, OPLL Mahakam.

Throughout 2022, 106 BD FIDs worth USD 3.5 billion to manage 252 MMBOE reserves.

"The achievement of exploration is also very encouraging where PHE managed to achieve a success ratio of 65 percent of the 17 exploration wells with a total of 345 MMBOE findings," he said.

Meanwhile, the completion of the Java 1.080 km 2D Vibroseis on the exact work commitment of the open area is also part of PHE to unlock the new play to support the target of 1 million barrels per day.

As part of Go Global's efforts, PHE has also succeeded in adding participating interest in West Qurna's work area in Iraq.