Pertamina's January-July 2015 Oil, Gas Production Up 9.8% to 571,000 Boepd

Indonesia's PT Pertamina reported a 9.8 percent increase in its oil and gas production for the January-July period to 571,000 barrels of oil equivalent per day (boepd), compared to 520,000 boepd in the corresponding period last year, the state-owned company said Thursday.

There has been an uptrend in Pertamina's petroleum output since the beginning of 2015, with the average consolidated oil production in January at 259,740 barrels per day before reaching 275,000 barrels per day in July, the company's Vice President for Corporate Communication Wianda Pusponegoro said in the press release.

Meanwhile, Pertamina's gas production rose from an average of 1,621.46 million standard cubic feet per day (MMscf/d) in January to 1,712 MMscf/d in the January-July 2015 period. Together the firm's oil and gas production amounted to 571,000 boepd during the January-July period.

Most of the firm's oil and gas production comes mainly from its subsidiaries PT Pertamina EP and PT Pertamina Hulu Energi.

Wianda said Pertamina, which aims to maintain production from existing fields as part of its contribution to Indonesia's energy needs, will also focus on preparation to takeover the Mahakam block offshore East Kalimantan, the extension of (ONWJ) Offshore North West Java block and increased production from East Java's Cepu block.

Indonesia, a former member of the Organization of Petroleum Exporting Countries (OPEC), planned to produce 825,000 barrels of oil per day (bopd) in 2015, but upstream regulator SKK Migas estimated that the target is likely to be missed as more than 10 petroleum companies have recently revised downward their oil production goals due to project delays. SKK Migas said that only 812,000 bopd is likely to be produced this year.

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