Upstream Subholding Oil and Gas Production for Third Quarter 2021 Reaches 866 MBOEPD
Jakarta, November 3, 2021 - Pertamina's Upstream Subholding continues to make maximum efforts to meet the national oil and gas production target amidst the pandemic conditions. The target fulfillment is the Subholding Upstream oil and gas field management result domestically and abroad.
Until September 2021, the Upstream Subholding gas production reached 2,614 MMSCFD or 102% of the 2021 RKAP TW3 target. Meanwhile, oil production from all regions of the Upstream Subholding reached 415 MBOPD, bringing the total daily average oil and gas production of TW3 Subholding Upstream in 2021 to 866 MBOEPD.
"For domestic production itself, the oil and gas production of the Upstream Subholding reaches 717 MBOEPD or 100% of the TW3 RKAP 2021 target, which consists of oil production of 319 MBOPD and 2,308 MMSCFD of gas production," said Budiman Parhusip, CEO of Pertamina's Upstream Subholding.
Although the pandemic is not over yet, economic conditions are starting to show improvement. It is marked by an increase in gas uptake by industry. Upstream subholding gas lifting until September 2021 reaches 105% of the TW3 RKAP 2021 target.
Efforts to increase reserves are also carried out. Until TW 3 2021, Upstream Subholding also recorded an additional P1 reserve of 428 MMBOE, or 15% higher than the TW3 RKAP 2021 target. Meanwhile, the findings of 2C resources, as of September 2021, amounted to 174 MMBOE.
As of September 2021, 195 wells have been drilled for development, and 45 wells are currently in the drilling process. In addition, eight exploration wells have been drilled, and three wells are currently in the drilling process.
Budiman added that the Upstream Subholding would continue to optimize performance to meet the targets that have been set by maintaining and ensuring that HSSE aspects are carried out properly. It also ensures all activities can be carried out on time, on budget, and on schedule while maintaining cost-effectiveness through the "OPTIMUS" cost optimization program.
In addition, the transformation of Pertamina, especially in the upstream to Subholding Upstream, creates a stronger synergy in upstream oil and gas activities through a regionalization pattern to further improve operational excellence and a faster and more agile decision-making process.
The joining of the Rokan working area on August 9, 2021, also helped strengthen Pertamina's upstream subholding portfolio in the country.
"We express our appreciation to the Ministry of Energy and Mineral Resources, SKK Migas, the Regional Government, and all other stakeholders for the positive support that has always been given to Pertamina, especially the Upstream Subholding. This support will be our impetus in meeting the target and to optimally contribute to the national target of production of 1 million BOPD and 12 BSCFD," concluded Budiman.**