PHE to Review 2020 Work Plan Amid Oil Price Shock

By Editorial Team 23/03/2020
Summary

PT Pertamina Hulu Energi (PHE) is reassessing the 2020 work plan, following the slump of global oil price to US$ 20 per barrel. As quoted by Dunia Energi, the president director of PHE, Meidawati, revealed that the oil price slump disrupted the company’s operation. As a result, the subsidiary of PT Pertamina in the oil and gas upstream sector decided to implement three strategic plans. First, the company will prioritize the 2020 work plan, the second plan is to renegotiate the contract of goods and services with the third party, and the third is to pursue operational cost-efficiency.

PHE would also likely delay several work plans in the fourth quarter of 2020. However, the execution must have to wait for the evaluation result. At the moment, PHE is evaluating the work plan by creating a simulation based on several perimeters, such as Indonesia Crude Price (ICP). Meidawati also added that the Covid-19 pandemic would affect the outcome of the efficiency program. Nevertheless, the company always ensures the Health, Safety, Security, and Environment (HSSE) aspect in every activity.

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