Proves Superior Performance, Pertamina Hulu Energi Optimizes Company Capabilities

Jakarta, May 4, 2024 - PT Pertamina Hulu Energi (PHE) as Pertamina's Upstream subholding continues to demonstrate outstanding performance. PHE recorded oil production of 548 thousand barrels per day (MBOPD) and gas production of 2.86 billion standard cubic feet per day (BSCFD), resulting in oil and gas production of 1.04 million barrels of oil equivalent per day (MBOEPD) until the first quarter of 2024, which is a consolidation of all PHE subsidiaries.

As of March 2024, PHE also recorded performance in completing three exploration well drillings, 163 development wells, 219 workovers, and 8,323 well services. Additionally, PHE recorded 2D seismic surveys totaling 12 km and 3D surveys totaling 2,602 km2. In the exploration field, PHE achieved a total 2C resource discovery of 140 Million Barrels of Oil Equivalent (MMBOE).

"PHE will continue to deliver superior performance by prioritizing safety aspects in every line of work following good corporate governance," explained Chalid Said Salim, President Director of PHE. By prioritizing safety aspects, PHE also recorded 80,472,121 safe hours until the first quarter of 2024.

PHE will continue to commit to contributing to national energy fulfillment. To meet targets and mitigate existing challenges, PHE is implementing a company-wide transformation strategy throughout 2024. Special efforts are needed to increase oil production with various recovery plans already prepared, as well as new initiatives.

"We are grateful for all these achievements, and we also express our gratitude to all stakeholders who consistently support the company's operational activities, enabling them to run smoothly," added Chalid.

PHE will continue to invest in upstream oil and gas operations management following Environmental, Social, and Governance (ESG) principles. PHE has been listed in the United Nations Global Compact ("UNGC") as a member since June 2022. PHE is committed to the Ten Universal Principles or Ten Principles of the UNGC in its strategy and operations as part of the ESG implementation. Supporting the governance aspect, PHE is also committed to Zero Tolerance for Bribery by ensuring fraud prevention and ensuring the company is free from bribery. One of these is the implementation of the Anti-Bribery Management System (SMAP), which is standardized ISO 37001:2016.

PHE continues to develop prudent and excellent operational management both domestically and internationally professionally to achieve becoming a world-class environmentally friendly, socially responsible, and well-governed oil and gas company.

VP of Corporate Communication of Pertamina, Fadjar Djoko Santoso, stated that PHE's positive performance from the upstream side is one of the pillars of maintaining national energy resilience.

"The increase in production from the upstream sector is one of Pertamina's efforts to achieve energy security, namely to maintain or increase national energy resilience," explained 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.**