Indonesian energy company PT Pertamina Hulu Energi plans to increase its oil and gas output in 2022 by 17%, reaching 1.04 million barrels of oil equivalent per day, including output from overseas assets.
This rise is mainly as a result of Pertamina’s projects that come on stream in 2022, such as the Jambaran Tiung Baru gas project in mid-2022. The company is reviving its upstream production and investment, and setting targets to drill several new wells in order to boost crude output from the Sumatra region in 2022. Pertamina’s Sumatra provincial subsidiary PT Pertamina Hulu Rokan started this year by drilling new wells in three different locations, the PRD-09 Rantau Field, MNA-P03 Minas Field and KRG-PA1 Limau Field, according to the company statement.
Sumatra is one of the largest contributors to crude oil in Indonesia. Pertamina produced about 410,000 barrels per day (b/d) in 2021 from this region, down from 414,000 b/d in 2019. While Indonesia is a significant oil producer and a major East Asian crude exporter, its upstream output declined steeply during the past three decades, as a result of a lack of investments in new projects and a slowdown in upgrades and maintenance of old fields.
(Sources: Reuters; S&P Global)