Indonesia’s PT Pertamina Hulu Energi (PHE), the upstream arm of state-owned PT Pertamina, recorded revenue of US$1.533 billion including $191 million in profits for fiscal 2016.
Last year, PHE exceeded production by 101.4% with 62.588 bo/d oil and 722 MMscf/d gas produced, plus saw a significant increase in 2C reserves.
Since 2011, the directorate of exploration of PHE managed to increase 2C discoveries by 35% annually from 31-137.91 MMboe, exceeding the initial target of 75.58 MMboe by 2016.
This was mainly obtained from the Karang Mudi Drilling Exploration Wells-1 program, PHE said.
Separately, Pertamina has handed proposals to the National Iranian Oil Co. (NIOC) to develop two oil fields in Iran, namely Ab-Teymour and Mansouri, estimated to contain more than 1.5 billion bbl of oil each.
Pertamina upstream director Syamsu Alam said the proposal submission is a follow up of the memorandum of understanding (MoU) signed by both companies last August. Under the MoU, Pertamina was given the opportunity to propose the development of Ab-Teymour and Mansouri at the end of February 2017.
"For approximately four months, Pertamina conducted technical evaluation of both fields and now has completed the field development proposal to be submitted to NIOC. We are expecting this proposal to become a foundation for both companies to negotiate directly for the management of two big fields,” Alam said.
Image: Pertamina employees / Pertamina