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Pertamina Hulu Energi pumps more oil despite lower price
Pertamina Hulu Energi (PHE), a subsidiary of state-owned energy firm Pertamina operating in the upstream oil sector, has reached an oil production rate of 63,509 barrels per day (bpd), 103.6 percent of the lifting target for this year of 61,305 bpd
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Oil processing activities take place at the Poleng Processing Platform prior to loading at the Pertamina Abherka Floating Storage and Offloading facility, owned by PT Pertamina Hulu Energi West Madura Offshore, in East Java. (Antara/Wahyu Putro A.)
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ertamina Hulu Energi (PHE), a subsidiary of state-owned energy firm Pertamina operating in the upstream oil sector, has reached an oil production rate of 63,509 barrels per day (bpd), 103.6 percent of the lifting target for this year of 61,305 bpd.
However, the achievement is in fact below the initial target of 63,928 bpd, set in early 2016. The current target is a revised version as a result of the company's efficiency program in light of the saturated oil market, said Pertamina Hulu president director Gunung Sardjono Hadi.
"Our initial outlook was 110 percent [of the new target] at the end of the year, but we predict it will only reach 104 percent due to the low absorption," Gunung said during a press conference at the company’s office in Jakarta on Wednesday.
The current year-to-date average oil price is still uncompetitive at only US$33 per barrel. The Indonesian Crude Price (ICP) climbed to $44.68 per barrel in May, but retreated back to $40.70 in July.
"We still see a 14 percent lower oil price compared to the same period last year," he said. (ags)
