Yemisi Izuora
Pertamina International EP (PIEP) said it has increased its oil production to some 150,000 barrels of oil equivalent per day as of the first quarter of this year.
The additional supply was obtained from the Pertamina subsidiary’s overseas assets in Nigeria and five other countries.
The company anticipates increasing overall production volume to even higher, hoping to achieve some 250,000 BOEPD by 2025
PIEP Director, Slamet Riadhy, said the output came from oil and gas blocks in Nigeria, Algeria, Iraq, Malaysia, Tanzania, and Gabon.
“After Pertamina purchased more shares in Maurel et Prom by 72.65 percent in February, giving additional assets in three countries Tanzania, Gabon, and Nigeria, PIEP oil output now reaches 150,000 BOEPD,” Slamet said
PIEP currently has oil reserves amounting to 402 million barrels, surging from the 314 million barrels before the acquisition.
Meanwhile, its reserves have reserves surged to 758 BCF.
Pertamina is expecting to increase production volume even higher, to some 250,000 BOEPD by 2025.
“With our assets in 12 countries and potential new assets, we are optimistic to reach the 650,000-BOEPD target, with a 20-year production reserve ratio,” he said.