PT Pertamina EP, an upstream business subsidiary of state-owned oil and gas holding company Pertamina, has said the company aims to book US$780 million next year or 42.60 percent higher than this year’s target of $547 million.

Pertamina EP president director Nanang Abdul Manaf said achieving the target would be a challenge amid decreasing global oil prices.

“As we have learned that crude oil price has declined to less than $50 per barrel, meanwhile, next year’s price projection stands at $70 per barrel,” he said in Medan on Friday as reported by kontan.co.id.

He expressed optimism after profit from January to November had reached $680 million, while whole year profit was predicted at $800 million.

He said the company would focus more on oil production than gas production.

“Our production target next year is 82,500 barrel oil per day (bopd), but we had a commitment to produce 84,000 bopd, compared to this year’s target of 83,000 bopd,” Nanang said, adding that the company would add more oil wells next year.

Previously, the company reportedly planned to drill 104 wells -- 94 development wells and 10 exploration wells.

Meanwhile, gas production will be decreased to 970 cubic feet next year from 986 cubic feet, this year.

“We will reduce production by 16 cubic feet because the [production of] North Sumatra field has started to decline. If we push production, the lifespan of the field will be shorter. Therefore, we need to cut production,” he added. (bbn)