Vice President Director of Pertamina, Wiko Migantoro, explains during a Hearing Meeting (RDP) with Commission VII of the Indonesian House of Representatives (DPR) in Jakarta on June 6, 2024.
Pertamina's Oil Production Increases by 10 Percent in 2023
Jakarta, June 6, 2024 – Pertamina's oil production in 2023 experienced a significant increase of 10 percent compared to 2022. The company's oil production rose from 514,000 Barrels of Oil Per Day (BOPD) in 2022 to 566,000 BOPD in 2023.
Wiko Migantoro, Vice President Director of PT Pertamina (Persero), stated that for 2023, oil production reached 415 MBOPD from domestic and 151 MBOPD from international operations. Although domestic oil production fluctuated from 417 MBOPD to 415 MBOPD, the blocks operated by Pertamina saw an increase from 337 MBOPD to 339 MBOPD. Pertamina successfully reduced the oil decline rate from 19% to 2% through productive work programs.
"Domestic gas production increased by 3% from 2,241 MMSCFD in 2022 to 2,388 MMSCFD in 2023," said Wiko during a Hearing Meeting (RDP) with Commission VII of the Indonesian House of Representatives (DPR) on Thursday, June 6, 2024.
Throughout 2023, Wiko added, Pertamina conducted massive drilling operations with 799 wells, 16 percent higher than in 2022. Pertamina also completed 835 workover operations, 31 percent higher than in 2022, and 32,589 well maintenance tasks, 11 percent higher than in 2022.
"Currently, Pertamina contributes 69 percent to the national oil lifting and 34 percent to the national gas lifting," revealed Wiko.
Wiko also noted that Pertamina's upstream activities significantly contribute to national and regional revenues. Pertamina's upstream sector contributed USD 3 billion from taxes and USD 4.2 billion from Non-Tax State Revenue (PNBP).
Fadjar Djoko Santoso, Vice President of Corporate Communication of Pertamina, mentioned that Pertamina allocates substantial investments in upstream oil and gas to maintain the decline rate and boost production.
"About 60 percent of Pertamina's capital expenditure is focused on upstream oil and gas to support national energy security and independence," said Fadjar.
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, and Governance (ESG) implementation across all Pertamina's business lines and operations.**