Saturday, 1st November 2014

Pertamina`s oil production target 2.2 m barrels per day

Rabu, 8 Agustus 2012 21:29 WIB | 1.283 Views
Pertamina`s oil production target 2.2 m barrels per day
Karen Agustiawan (ANTARA)
Jakarta (ANTARA News) - State oil and gas company PT Pertamina said it sets production target equivalent to 2.2 million barrels of oil per day in 2025.

Currently, the company`s production of oil and gas is equivalent to 503,000 barrels of oil per day at home and abroad, its president Karen Agustiawan said on Wednesday.

At present the production is growing 8 percent per year, Karen said after the launch of Pertamina`s first Floating Storage Offloading (FSO) ship off western coast of Madura in East Java.

"We still hope to increase the growth rate," she added.

She said the increase is especially expected in gas production as oil production is unlikely to go up that fast unless Pertamina takes big step in expansion abroad.

She said President Susilo Bambang Yudhoyono has pledged to seek support through government-to-government diplomacy.

Pertamina already secured oil concessions in Iraq and Kazakhstan that need only business to business negotiations, she said adding agreement has also signed with New Zealand.

The FSO vessel named Abherka, will serve as a storage and offloading facility for oil from West Madura Offshore block with a capacity of 600,000 barrels per day.

The block has 77 wells operated by PT Pertamina Hulu Energi West Madura Offshore (PHE WMO).

The ship was originally a tanker converted into an FSO in the COSCO Shipyard, Guangdong of China completed in 10 months, she said.(*)