Wednesday, 19 February 2020

Pertamina EP: 2019 Oil, Gas Lifting Below Target



Petir Garda Bhwana

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  • TEMPO.CO, Jakarta - Pertamina EP president director Nanang Abdul Manaf said the actual volume of oil lifting in 2019 was 82,179 barrels per day (bpd). The figure is equivalent to 99.6 percent of the target set in the 2019 State Budget.

    "It missed the mark 'y' a small margin, just 0.4 percent," Nanang said in a hearing with the House of Representatives (DPR) on Monday, January 20, 2020.

    For the 2019 gas lifting volume, Pertamina EP reached 750 mmscfd, or 97.5 percent of the state budget target.

    Nanang said there were some challenges faced by Pertamina EP. "We all know that soon there would be a 'gas price optimization' policy, since the current prices are deemed too high," he said.

    The second challenge, Nanang said, is that many production facilities have matured, thus their reliability is below 100 percent. "We struggled throughout 2019, several unplanned shutdowns became our issue," he said.

    In 2019, the company recorded a net revenue of US$634 million and an EBITDA of US$1,821 million. For this year, the Pertamina subsidiary has a revenue target of US$3.1 billion or around Rp44.64 trillion.