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Jakarta Post

Pertamina EP to increase spending in 2018

  • Viriya P. Singgih

    The Jakarta Post

Jakarta   /   Tue, February 27, 2018   /   05:43 pm
Pertamina EP to increase spending in 2018 Pertamina's workers are transported in a personnel transfer basket from a ship to the company’s oil rig off the coast of Madura Island in East Java, in this undated file photograph. (JP/Wahyoe Boediwardhana)

Pertamina EP, one of the upstream subsidiaries of state-owned energy giant Pertamina, has set a target to increase its annual capital expenditure by 8.7 percent to US$700 million this year, in line with its plan to drill more exploration wells.

“We want to drill 13 exploration wells [this year], including in North Sumatra, South Sumatra, West Java and in Sulawesi,” Pertamina EP president director Nanang Abdul Manaf told reporters on Tuesday, adding that the company’s operating expenditure would soar by around 9 percent to $1.2 billion in 2018.

Last year, Pertamina EP drilled 10 exploration wells with a capital expenditure of $644 million.

Pertamina EP produced a total of 77,200 barrels of oil per day and 1,018 million standard cubic feet of gas per day throughout last year, down 7.7 percent and up 2.9 percent respectively.

At the same time, the company booked $2.7 billion in revenue and $615 million in net profit, climbing 12.5 percent and 4.23 percent respectively following an increase in global crude prices. (bbn)