Outstanding Performance in Q3 2024, PHE Achieves 1.046 Million Barrels of Oil Equivalent per Day

Jakarta, November 6, 2024 – PT Pertamina Hulu Energi (PHE), as Pertamina's Upstream Subholding, continues to demonstrate exceptional performance this year. By the third quarter (Q3) of 2024, PHE recorded oil and gas production of 1.046 million barrels of oil equivalent per day (MBOEPD), consisting of oil production at 554 thousand barrels per day (MBOPD) and gas production at 2.84 billion standard cubic feet per day (BSCFD).

This achievement in Q3 2024 is attributed to the technology implementations such as Multi-Stage Fracturing, Simple Surfactant Flood, Artificial Intelligence for well reactivation programs, and other technologies.

By Q3 2024, PHE completed the drilling of 13 exploration wells, 585 development wells, 769 workover wells, and 26,928 well services. This performance surpasses the same period in 2023, with notable increases up to 38.5% in exploration well drilling and a 21.7% increase in workover wells.

PHE also recorded seismic surveys covering 739 km of 2D seismic and 2,322 km² of 3D seismic in Q3 2024, representing an improvement over the achievements in Q3 2023.

PHE will continue to explore various potential opportunities to meet its targets. Pertamina’s Upstream Subholding’s exploration drilling efforts successfully uncovered a significant oil and gas resource, Astrea-1, in the Rokan Hilir area, amounting to 40 million barrels of oil equivalent (MMBOE).

As of Q3 2024, the company has added 312 million barrels of oil equivalent (MMBOE) in contingent resources (2C), consisting of 128 million barrels of oil (MMBO) and 1.067 billion standard cubic feet of gas (BSCF).

By Q3 2024, PHE has also discovered 186 million barrels of oil equivalent (MMBOE) in proven reserves (P1), comprising 89 million barrels of oil (MMBO) and 560 billion standard cubic feet of gas (BSCF).

In support of clean energy, Pertamina’s Upstream Subholding remains committed to achieving Net Zero Emissions. One of its initiatives is the CO2 injection program using CO2-EOR technology as part of the Carbon Capture Utilization and Storage (CCUS) initiative, recently conducted at the Sukowati Field. The implementation of CCUS technology is expected to support the achievement of these targets by effectively storing CO2 and reducing atmospheric pollution.

PHE also contributes to the national economy by continuously increasing the local content (TKDN) from the planning stage and procurement process to contract completion. As of Q3 2024, TKDN realization reached 62.94%.

Additionally, the company provides opportunities for MSMEs through goods and services procurements via the PaDi UMKM Indonesia Digital Market. As of Q3 2024, total transactions through PaDi reached IDR 27.8 billion.

PHE continues to enhance its performance in Health, Safety, Security, and Environmental Protection (HSSE). As of Q3 2024, PHE achieved 24,026,502 working hours with a total of 18.6 million safe working hours.

These achievements result from PHE’s strategic efforts to manage baseline production, promote production growth through massive work plans, and increase reserve and resource growth to maintain national energy security, all while prioritizing Environmental, Social, and Governance (ESG) aspects.

“We are grateful for all these achievements, and we would like to thank all stakeholders who have continuously supported the company’s operations, allowing them to run smoothly. This is the result of the hard work and collaboration of all personnel and partners involved, in line with our core values of AKHLAK (Integrity, Competence, Harmonious, Loyal, Adaptive, and Collaborative),” said Chalid Said Salim, President Director of PHE.

In a separate statement, the Vice President of Corporate Communication of PT Pertamina (Persero), Fadjar Djoko Santoso, stated that Pertamina encourages all business lines to enhance operational performance to achieve the company’s targets.

"PHE’s operational performance supports Pertamina's goal of increasing oil and gas production," Fadjar emphasized.

PHE will continue investing in upstream oil and gas operations and business management following the ESG principles. PHE is committed to the Ten Universal Principles of the UNGC in its strategy and operations as part of its ESG implementation. PHE has been a member of the United Nations Global Compact (UNGC) since June 2022.

In support of governance, PHE remains committed to Zero Tolerance for Bribery by ensuring fraud prevention and maintaining a clean, bribe-free company. One such initiative is the implementation of the Anti-Bribery Management System (SMAP), which is certified to ISO 37001:2016 standards.

PHE continues to develop prudent and excellent operational management domestically and internationally to become a world-class oil and gas company that is Environmentally Friendly, Socially Responsible, and Good Governance.

Pertamina, as a leading company in the energy transition, is committed to supporting the Net Zero Emission 2060 target by continuously promoting programs that directly impact the Sustainable Development Goals (SDGs) achievement. All these efforts align with Environmental, Social & Governance (ESG) implementation across all Pertamina’s business lines and operations.**