Pertamina EP Drills 26 Wells in the Last Three Years

By Editorial Team 23/03/2020
Summary

PT Pertamina EP has spent a total of US$ 494 million to drill 26 wells in the last three years. Beside well drillings, the company also used some of the funds to perform 2,508 line kilometer of a 2D seismic survey and 1,367 square kilometers of a 3D seismic study in 2017-2019, resulting in the discovery of 2C contingent resources: 64 million barrels of oil equivalent (MMBOE) in 2017, 71 MMBOE in 2018, and 103 MMBOE in 2019.

Pertamina EP’s projection in 2020 is to find up to 106 MMBOE of 2C contingent reserves. Consequently, the subsidiary of PT Pertamina will allocate US$ 112 million of investment budget to explore and operate wells. In 2019, Pertamina EP produced up to 82,361 barrels per day (BOPD) of crude oil and 959 MMSCFD of natural gas. Meanwhile, as of January 2020, its crude oil and natural productions were at 80,773 BOPD and 965 MMSCFD respectively or 100,4 percent more than its daily target.

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