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Pertamina upbeat over new
reserves despite production drop
PROJECTS & WHILE Indonesia’s state-owned Pertamina has
COMPANIES revealed a slight decline in last year’s produc-
tion, the developer remains confident that new
reserve additions will help lift its output.
Pertamina said on June 22 that oil and gas
lifting in 2019 had amounted to 734,000 barrels
of oil equivalent per day, down slightly from the
768,000 boepd recorded in 2018. Production in
2017 amounted to 542,000 boepd.
The company said its goal was to produce
1mn barrels per day (bpd) of oil and 4bn cubic
feet (113.28mn cubic metres) per day of gas in
2024, adding that it had expanded its overseas
operations to achieve this. Pertamina has pro-
ducing assets in Asia, the Americas and Europe,
which it said produced 104,000 bpd of oil and
273mn cubic feet (7.73 mcm) per day of gas.
While production was down, proven reserves
at the end of last year had climbed by 44% on the
year to 309mn boe.
“The finding of 2C resources reached 446mn “Efforts and focus in managing the oil and
boe, up 55% compared to the 2019 target set at gas working area mandated to Pertamina [have]
288mn boe. This achievement is very meaning- improved upstream business performance. And
ful for the future of national energy security,” it is expected that performance in the coming
Pertamina’s vice-president of corporate com- years will continue to improve,” Usman said.
munication, Fajriyah Usman, said in a company The state major revealed on June 18 that it
statement. intended to increase its dividend to the govern-
Pertamina attributed the improved figures ment by 7% year on year, despite its 2019 net
to ongoing exploration efforts, including a 2D profit plateauing. Following its annual general
offshore seismic study that began in November meeting (AGM) on June 18, the company said it
2019 and which has so far covered 25,864 km of intended to pay $601.3mn to the state. The com-
its 30,000-km target. pany’s net profit amounted to $2.53bn in 2019,
“This is the largest seismic survey in the compared with $2.5bn in 2018.
Asia-Pacific and Australia in the last 10 years,” Pertamina said both weaker oil prices and
the executive added. international exchange rates were behind last
The state developer recorded a reserve year’s flat profits. The Indonesia Crude Price
replacement ratio (RRR) of 102% in 2019, (ICP) fell 7.5% y/y in 2019 to $62.37 per barrel,
exceeding the 71% target set out in its 2019 work according to data from the Indonesian Energy
plan and corporate budget (RKAP). Resources Ministry.
Petronas appeal against
Sarawak tax is adjourned
POLICY MALAYSIA’S Court of Appeal has adjourned government over back taxes worth a reported
until August 3 Petronas’ case against a High MYR2.8bn ($654.5mn).
Court decision that Sarawak State can levy sales Sarawak took the company to court in
taxes on petroleum products. November 2019 after it failed to respond to a
The state-run developer requested the notice of assessment that had been issued in
adjournment on June 23, telling the court that September 2019. Petronas sought a judicial
it was finalising an agreement with the state review of the assessment, which the High
P8 www. NEWSBASE .com Week 25 25•June•2020
