TEMPO.CO, Jakarta - State-owned oil company Pertamina projected that its oil and gas production would reach 656,000 barrels of oil equivalent per day (boepd) by the end of 2016. Currently, Pertamina's oil and gas productivity stands at 650,000 boepd.

Pertamina upstream director Syamsu Alam predicted that the company's oil production would reach 313,000 barrels per day this year, increasing by 12.5 percent from 278 barrels per day last year.

"The projection is in line with Pertamina’s target by 2025 at eight percent of increase per year," Syamsu Alam told Tempo on Friday, July 22, 2016, during his visit to Tuban, East Java.

Syamsu addded that the projection of Pertamina's oil and gas production grew by 8.1 percent when compared to the realization in 2015. Last year, Pertamina's oil and gas production reached 606,700 boepd.

Syamsu revealed that the production increase occurred in both onshore and offshore assets. The onshore production grew at 9.4 percent when compared to that of last year namely from 492,500 boepd to 539,000 boepd. In addtion, the offshore production increased by three percent to 117,000 boepd.

Pertamina's oil production in the first semester of 2016 stood at 305,000 barrel per day, 11.3 percent higher compared to the same period of last year at 274,000 barrels per day.

Pertamina also projected that the gas production would climb by five percent from 1.90 bscfd to 1.99 bscfd. In the first semester of 2016, the gas production stood at 1.938 mmscfd, increasing by 15.8 percent when compared to that in last year.

BAGUS PRASETIYO