JAKARTA - President Director of PT Pertamina Hulu Energi (PHE) Budiman Parhusip said Indonesia should take advantage of rising world oil prices as an opportunity to develop existing production. With the increase, he said it could be an opportunity for exploration.
"With this energy transition and emission reductions and the transition to NRE, investment in the oil and gas sector has decreased for some time, this of course affects demand and supply. Demand is still high so we can encourage exploration," said Budiman Parhusip, President Director of PHE at the Energy Outlook event. 2022 which will be held on Thursday 24 February.
He added that this opportunity can be used by business actors in the oil and gas sector to raise capital and continue to explore and increase the economic value of a mature field so that it can increase the value and amount of existing production.
"Oil and gas prices have increased dramatically, thus supporting the company's plan to develop our production fields which have been operating for a long time," he said.
The price of Brent crude briefly jumped above $100 per barrel in London for the first time since 2014 due to concerns about possible supply disruptions from Russia, the third-largest oil producer.
Benchmark US crude briefly surpassed US$98 per barrel. At the same time, the ruble fell 7.5 percent against the US dollar.
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