JAKARTA (TheInsiderStories) – State-owned energy company PT Pertamina expects to produce 656,000 barrels of oil equivalent per day (boepd) in 2016, said the company in a a press statement. Its domestic oil and gas production growth is estimated to rise by 9.4 percent from 492,500 boepd in 2015 to 539,000 boepd this year.
Director of Pertamina for Upstream Syamsu Alam explained that
this year’s production is targeted to grow by 8.1 percent compared to 2015 of 606,700 boepd. He added, the oil production is predicted to rise by 12.5 percent to 313,000 barrels per day (bopd) from a year ago of 278,000 bopd, while gas production is projected to increase 5 percent to 1.99 billion standard cubic feet per day.
Syamsu said, the domestic oil production will be contributed by the Banyu Urip field at around 75,000 bopd, while gas production is expected to reach 50 million standard cubic feet per day (MMSCFD) from the Matindok gas well. The overseas production, he said, is expected to rise by 3 percent to 117,000 boepd with the additional output coming from Algeria and Iraq.
In the first semester of 2016 Pertamina’s oil production increased by 11.3 percent to 305,000 bopd compared with 274,000 bopd during the same period in 2015. Gas production reached 1,938 MMSCFD, increased by 15.8 percent from 1,710 MMSCFD in the same period 2015. In total, the oil and gas production reached 640,000 boepd from at 569,000 boepd in the same period last year.
Cepu raises production to 185,000 bopd
Other oil producer ExxonMobil Cepu Limited (EMCL) reported the crude oil production of the Banyuurip field within Cepu block has reached an average of 185,000 bopd in the past two months. The Cepu block is jointly owned by ExxonMobil and Pertamina, with EMCL acting as the operator.
Syamsu said, the oil production of the Banyuurip could increase to 200,000 bopd this year. The Cepu block contributes around 20 percent to the country’s total production of 830,000 bopd, he stated.
Indonesia, once a member of the Organization of Petroleum Exporting Countries (OPEC) has become a net importers of oil with production declining while consumption grows from year to year. (*)
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Source: The Insiderstories
Pertamina targeting to produce 656,000 boepd this eyar, Cepu 165,000 boepd