Jakarta (Anatara Bali) - State-owned oil and gas firm Pertamina is optimistic that it can achieve its oil production target of one million barrels of oil equivalent per day (BOPD) in 2019.
"Our current production is only about 550 thousand barrels of oil equivalent per day. We have set a target of one million barrels of oil equivalent per day in 2019," said Upstream Director of PT Pertamina, Samsu Alam, a press conference here on Wednesday.
Samsu said he was optimistic the target will be reached in 2019 later, along with several projects such as the realization of the Pertamina Mahakam block.
"In 2019 hopefully we can achieve one million barrels of oil equivalent per day," said Samsu.
In the first quarter of 2015, Pertamina oil production was recorded at 248.4 MBOPD and 1.63 BSFD.
Production is expected to increase in line with the increase of production of the Cepu block, where Pertamina, through its subsidiary PT Pertamina EP Cepu, controls 45 percent through its participating interest.
As for net profit in the same period, PT Pertamina recorded 28 million US dollars, in spite of the fact that oil and gas industry is being sluggish due to low crude oil prices.
The financial condition of the company in the first three-month period in 2015 continued to strengthen, where revenues amounted to 10.67 billion US dollars, with an EBITDA (earnings before interest, taxes, depreciation and amortization) of 1.25 billion US dollars and a net profit of 28 million dollars.
Pertamina also successfully performs efficiency with a total value of 95.95 million US dollars.
The efficiency was gained from an oil procurement contract renegotiation worth 27 million US dollars, fee cost reduction and alpha import fee valued at 22 million dollars and asset optimization support worth 0.154 million dollars.
In addition, the efficiency gained from marketing operation excellence program reached 46.89 million US dollars. (WDY)
