REPUBLIKA.CO.ID, JAKARTA -- PT Pertamina International Exploration and Production (PIEP), which is a subsidiary of Pertamina, was targeting production of 104 thousand barrels on average per day (BOEPD) in 2016.
"Although the oil price decline, we continue to target higher production in the next year," said President Director of PIEP, Slamet Riadhy, in a press conference, in Jakarta, Tuesday (22/12).
He explained, in 2015 PIEP targeted 94 thousand BOEPD, but the realization has actually increased. Production of PIEP until November 2015 reached 113.4 thousand BOEPD.
"This achievement was due to government cooperation with foreign countries, such as Malaysia, Iraq, and Algeria," he added.
PIEP was processing oil in three blocks in Malaysia, Iraq and Algeria. Of the three countries, in 2015, PIEP gained 80 thousand BOEPD. PIEP also gained 112 thousand MMCFGD gas in Algeria, and 96 thousand MMCFGD gas in Malaysia.
The total production of the three blocks reached 113.4 thousand BOEPD of oil and gas. Meanwhile, Pertamina was targeting a net profit in 2016 to reach Rp 22.5 trillion, equivalent to 1.61 billion US dollars.
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