Pertamina to Miss Output Target, CEO says

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  • TEMPO.CO, Jakarta – State oil and company PT Pertamina (Persero) estimated it will not meet this year's oil and gas production. At the end of 2014, Pertamina projected it would only meet 94 percent its 554,000 barrels of oil equivalent per day (boepd) target, short by around 30,000 boepd.

    "We have plenty of obstacles in drilling," acting CEO Muhammad Husen said in Jakarta yesterday.

    Husen said that just like in previous years, an array of constraints prevented Pertamina from carrying out all of its drilling plans. External problems like bad weather meddled with the company's rig deliveries while it has to deal with internal issues like licensing and land acquisition.

    Despite missing the output target, Pertamina is confident of 2015's oil and gas production. The company even raised next year's production target by nine percent.

    Without going into details, Husen said next year's additional output will come from overseas blocks. "Around 60,000 barrels of oil per day," he said.

    Last month, Pertamina acquired a 30-stake in Murphy Sabah Oil Co. Ltd. and Murphy Sarawak Oil Co. Ltd, the Malaysian subsidiaries of US oil exploration and production company Murpy Oil Corporation.