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CORPORATE STRATEGIC-JAKARTA. PT Pertamina Internasional EP (PIEP) started the year 2024 with oil and gas production reaching 213,000 barrels of oil equivalent per day (BOEPD), exceeding the target set in the Company's Work and Budget Plan (RKAP).
PIEP's CEO, Jaffee A. Suardin, stated that PIEP's oil production, which was above target (109%), was contributed by Iraq and other assets in Gabon and Angola. Meanwhile, gas production was above target (118%) with contributions from assets in Algeria, Malaysia, and other assets (higher production in Tanzania).
When combined in oil equivalent, production reached 213,000 BOEPD or 112% higher than the RKAP target of 194,000 BOEPD.
This was supported by an increase in proven reserves (P1) of 29 million barrels of oil equivalent (MMBOE), 935% larger than the 2023 RKAP of 3 MMBOE. Meanwhile, contingency reserves (2C) were 11.1 MMBOE, 317% larger than the 2023 RKAP target of 3.5 MMBOE.
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With the approval of 6 Extended License Agreements (ELA) in Algeria in December 2023, coupled with the success in adding Block SK 510, the latest block award since 2017, this strengthens PIEP's operations in Malaysia with existing assets in SK309 and SK311 with a contract duration until 2040.
“PIEP's performance will continue to be optimized in the coming 2024 by implementing various innovations. This means that we must have a strong foundation to move further and achieve the set targets,” Jaffee revealed in a press release, Thursday (15/2).
Jaffee added, another achievement is unlocking Venezuela potential and completion of Wentworth acquisition.
In terms of HSSE performance, the Lost Time Incident Rate (LTI) was zero (0), realized until the end of 2023, and the Total Recordable Incident Rate (TRIR) was also zero (0), both of which are still below the limit. From a total of 403 personnel, PIEP recorded 34.197 million hours without work accidents. This is a very good achievement and reflects PIEP's high commitment to HSSE aspects.
However, improving work safety culture will always be a main agenda in PIEP's operations. In line with the Company's Vision to become a World-Class International Energy Company, which supports the implementation of global performance, namely ESG (Environmental, Social, Governance) through the preparation of work programs that support the achievement of net zero emission targets.
“We continue to remind PIEP Officers to always comply with the company regulations that have been made for our mutual safety. The journey is still long to make PIEP a global company, PIEP Officers will continue to provide the best energy for Pertamina and the Indonesia we love together,” concluded Dharmawan H. Samsu, PIEP's Chief Commissioner, while closing his remarks at the 2024 Town Hall Meeting.
On a separate occasion, the Vice President of Corporate Communication PT Pertamina (Persero), Fadjar Djoko Santoso, said Pertamina is open to opportunities to expand its operations abroad through its subsidiaries including PIEP.
"PIEP's operations are an effort to realize self-reliance and strengthen national energy resilience, we have the spirit of bring the barrel home, meaning the results from oil and gas fields abroad will return to the homeland," concluded Fadjar.
