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AKARTA: Pertamina Hulu Energi (PHE), a subsidiary of state oil and gas company PT Pertamina, has revealed that it aims to produce 250 million barrels of oil equivalent per day (mboepd) in 2016, jumping significantly from this year’s target of 154.1 mboepd.

PHE will reach the target by boosting the production of its existing fields, including two major contributors; the North West Java offshore (ONWJ) and the West Madura offshore (WMO) blocks, said PHE president director Salis S. Aprilian.

“In 2016, we expect our oil production to hit 87.3 million barrels per day [bpd] from around the target of 70 million bpd this year, while for gas, we hope the production to be around 732 million standard cubic feet [mmscfd] from 484 mmscfd in 2012,” he told reporters over the weekend.

“To realize the target, we will improve the implementation of enhanced oil recovery [EOR] and improved oil recovery [IOR] in mature fields.”

According to the firm’s work and budget plan, in 2012, the ONWJ and WMO blocks will lead the contribution of oil production by 18,638 bpd and 16,258 bpd respectively.

The government has actually set the oil production target for the WMO block at 23,000 bpd this year. On the difference between the government and the company’s target, Salis said 23,000 bpd would be PHE’s production in late 2012.

“But, for the full year, the average will be 16,528 bpd,” he said.

For gas production, ONWJ is expected to have a total output of 126.6 mmscfd, while WMO is predicted to produce 132 mmscfd.

Pertamina took over the operation of the WMO block in May last year from Korea-based Kodeco Energy.

At that time, Pertamina promised it would allocate US$1 billion to crank up production. The company aims to boost production to 25,800 bpd in 2012, 32,500 bpd in 2013, 37,200 bpd in 2014 and 40,500 bpd in 2015.

In June 2009, Pertamina acquired a 46 percent share in the North West Java offshore block with a transaction said to be worth $280 million. Pertamina secured BP’s interest in the block by purchasing 100 percent of BP West Java Limited, which was the operator of the block, and held a controlling 46 percent stake.