Pertamina EP Prepares 2.376 Billion US Dollars For Investment

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Pertamina EP has prepared funds of around US$2.376 billion for investment in order to support upstream oil and gas performance in 2023.

"So, for our investment, the figure is US$2.376 billion," said Pertamina EP Senior Manager Agus Suprijanto during the 2023 Upstream Oil and Gas Investment Discussion at the SKK Migas Head Office, Jakarta, as quoted from Antara, Wednesday 15 February.

Agus said of the funds, 30 percent was allocated to increase oil and gas production.

"The general activity we use is development drilling and workover is approximately 30 percent," said Agus.

Meanwhile the other 70 percent, he said, is to maintain production so that there is no decline.

"Meanwhile, to maintain production so that it does not decline, it is approximately 70 percent. This is done through one of them carrying out 'well services' and 'upgrading facilities', he said.

Agus explained about Pertamina EP's nine investment programs in 2023 where there is an increase of 15 percent to 50 percent compared to 2022.

"If you look at the nine activities that fall into the investment category, Alhamdulillah, in 2023, with direction and coordination with SKK Migas when we held a 'work program and budget' (WP&B) meeting at the end of last year, we made a program that was quite aggressive for this investment activity, where there is an increase compared to 2022," said Agus.

"So, when viewed from Pertamina EP's nine investment activities in 2023, the average increase is 15 percent, 30 percent, 40 percent, or up to 50 percent for 2023," he continued.

He gave an example of "exploration drilling" activities, which previously only six wells in 2022 increased to nine wells in 2023. Next, "development drilling" from the realization of 118 wells in 2022, is targeted to become 135 wells in 2023.

"Last year's 'exploration drilling' activities were only six, now this year we plan to have nine for 'development drilling' from last year we realized 118, God willing, with the support of all parties, we will try to target more aggressively to 135 and so will the 'workover. "As well as 'well services' activities or well maintenance," said Agus.