PERTAMINA EP |

Pertamina EP oil production is rising. In the beginning of June 2009, Pertamina EP succeeded to reach 128.2 thousand barrel per day (MBOPD). It was 3 thousand barrel higher than the stated target of 125.5 MBOPD.

The 128.2 MBOPD is the highest production that has ever been made by Pertamina EP. The President Director of Pertamina EP said that we gain more confidence to reach our target due to this achievement. “Next we hope that we could get more production since we hae new structure being developed such as Pondok Makmur and several other wells,” he stated in Jakarta on Tuesday (3/6).

Responding to the increase of oil production, at the same moment the President Director and CEO of PT Pertamina (Persero) extended her appreciation to Pertamina EP on the achievements. Moreover Karen Agustiawan hope that Pertamina EP can maintain its production until the end of the year and achieve the target of 125.5 MBOPD. “I wish the numbers stated in the Work Plan and Budget can be fulfilled,” she said.

Karen also stated that Pertamina EP must optimize the Enhance Oil Recovery (EOR) projects. “EOR is noted by me,” she said.

Pertamina EP oil production continue to increase since 2003 with the capital average gross ratio (CAGR) 3,1% from the production level of 95,6 thousand barrel per day (MBOPD) in 2003 increased up to102.2 MBOPD in 2006. The production grow around 6.7% in 2007 and inceased up to 110.3 MBOPD. While in 2008 the production rised up to 116,6 MBOPD. In 2009 Pertamina EP targeted the oil production growth around 6.2% with its target 125.5 MBOPD.

As a subsidiary of Pertamina, Pertamina EP carries out the upstream oil and gas activities in Indonesia that covers exploration, exploitation, and the sales of oil and gas produced from its fields.Pertamina EP is also the value creator for its holding company. Pertamina EP profit before tax is increasing. In 2006, the profit is Rp. 11.29 trillion, in 2007 is Rp 15.16 Trillion, and in 2008 is Rp 19.08 Trillion. It contributes more than 70% of its holding’s total profit.

Pertamina EP is optimist to be able to increase its oil and gas production. Based on the facts, at present, Pertamina EP is the second biggest oil producer after Chevron and the second biggest gas producer after Total Indonesia.