OIL AND GAS - JAKARTA. PT Pertamina Hulu Energi (PHE), as Pertamina's Upstream Subholding, is preparing several effective strategies to intensify its exploration program. Recently, PHE has made significant discoveries from exploration activities in the blocks managed throughout 2023.
PHE's Exploration Director, Muharram Jaya Panguriseng, said that this success was achieved through exploration activities in fully developed areas in the existing blocks.
He explained that this strategy is aimed at optimizing assets and maintaining the current oil and gas production rate. The discovery of these oil and gas resources shows optimism that Indonesia still has great potential.
"In 1 year, no less than 1.4 billion barrels of oil equivalent (BBOE) in place have been recorded through the reserve validation mechanism throughout 2023," said Muharram in an official statement received by KONTAN, on Saturday (10/2).
Based on the National General Energy Plan (RUEN), domestic demand for oil and gas energy in volume will continue to increase every year.
Exploration is the key to the sustainability of energy supply to find resources and ensure the availability of primary energy is maintained to meet domestic energy needs. PHE's exploration consistently supports the transition program towards renewable energy through exploration discoveries that are 50% dominated by gas.
He said exploration activities have recorded a significant increase compared to the previous year, seen from drilling activities increased by up to 18% (20 completed wells and 6 ongoing), 3D seismic surveys up to 268% (completion of 1512 km2 surveys), and the addition of New Prospective Resources up to 128% (1.3 BBOE has been recorded).
In terms of investment, PHE's exploration has increased in line with ongoing activities. However, in terms of finding cost, it has decreased, meaning that exploration activities are carried out effectively and efficiently.
The success of PHE's exploration in 2023 stems from the Infrastructure Led Exploration (Near Field Exploration) strategy that seeks discoveries in mature areas and Open Area Exploration (Emerging & Frontier Exploration) with a focus on finding new work areas with a Giant Discovery target.
Currently, PHE is actively conducting subsurface evaluations and preparing for exploration drilling offshore Matindok, offshore East Natuna, and other new exploration blocks.
Furthermore, Muharram stated that this is the best momentum for PHE to prepare the Deep Sea Drilling Project to explore the potential of large new resource discoveries.
In 2023, PHE has obtained 3 new exploration work areas both as Operator and Non Operator, and will continue to add new blocks.
He added that PHE is making efforts to expand overseas by evaluating opportunities to obtain blocks abroad with a Giant Discovery target so that the company's growth target can be achieved.