PT Pertamina Hulu Energi (PHE) is targeting oil and gas lifting production of 181,510 barrels of oil equivalent per day (boepd) in 2020 - Photo by the Company.

JAKARTA (TheInsiderStories) – PT Pertamina’s subsidiary in the upstream oil and gas sector, PT Pertamina Hulu Energi (PHE) is targeting oil and gas lifting production of 181,510 barrels of oil equivalent per day (boepd) in 2020, increased from 175,674 boepd this year, the company said on Friday (12/13).

The company’s next year targets include oil lifting of 83,100 barrels of oil per day (bopd), up from 76,971 in 2019 and gas sales of 570.11 million cubic feet per day (mmscfd), from 572 mmscfd this year, it said. Until October, the company recorded oil and gas lifting of 178,208 boepd. It consists of oil lifting 77,179 bopd and gas sales of 585 mmscfd.

“Until the end of this year, we project oil and gas lifting reaches 178,052 boepd or 101 percent of the company’s target in 2019. Oil lifting gets 100 percent of the target and gas is 102 percent of the target,” PHE’s director Meidawati told media in Jakarta.

Meidawati revealed the Offshore North West Java (ONWJ) is still the largest contributor to the company’s oil lifting, which is 25,788 bopd. Then, the Offshore Southeast Sumatra (OSES) with 25,331 bopd. Both liftings were part of PHE which has a participating interest of 90 percent. Other contributors were CPP Offshore 4,763 bopd, Sulawesi Tomori 3,729 bopd, Jambi Merang 3,599 bopd and West Madura Offshore with 3,116 bopd oil lifting.

For gas lifting, the biggest contributor was Sulawesi Tomori of 146.8 mmscfd. The company accounts for 50 percent of the block. Then, WMO recorded 94.5 mmscfd gas lifting, ONWJ with 73 mmscfd, and Jambi Merang of 68.3 mmscfd, Meidawati noted.

Until October, the company has also drilled two exploration wells, 35 development wells, and 39 workover wells. For 2D seismic, it reaches 4,291 km and 3D seismic 95 km2. The total investment cost incurred until October reached US$216 million. Until the end of 2019, the investment costs absorbed are estimated at $328 million.

“Currently we still carrying out several drilling activities. Until the end of this year, we are trying to drill a total of 5 exploration wells and 43 development wells,” Meidawati ended.

Meanwhile, its parent PT Pertamina is targeting oil production of 923,000 boepd next year. The target is slightly up from this year’s projection of 922,000 boepd. For this year, the company estimates the production will be 910 boepd, relatively stable from last year’s production achievement.

For next year, the state energy holding company will allocate at least $3.7 billion to develop its upstream sector, from the total 2020 budget of $7.8 billion, it’s president director Nicke Widyawati said at the 2019 Pertamina Energy Forum days ago. It includes in the form of exploration and development of work areas managed by Pertamina.

Written by Lexy Nantu, Email: lexy@theinsiderstories.com