Committed to Maintain National Energy Security, Pertamina Successfully Finds Oil and Gas Reserves
Jakarta, August 18, 2022 - PT Pertamina Hulu Energi (PHE), as Pertamina's Upstream Subholding, through its exploration activities, is consistently committed to contribute in achieving national energy security. It is proven by new reserves discovery through Exploration wells R-2 drilling located off the western part of Aceh, Bajakah-001, in onshore North West Java, and Markisa-001, located onshore Salawati Papua.
"Until the mid of August, which coincides with the 77th Independence Day of the Republic of Indonesia, PT Pertamina Hulu Energi (PHE) Exploration has completed eight wells and seven on-going wells, which will be followed by flow testing. We hope that the 29 wells completion target by the end of the year can be achieved and produce maximum results," said Director of Exploration of PT Pertamina Hulu Energi (PHE) – Upstream Subholding, Medy Kurniawan on Wednesday (17/08).
In 2021, Upstream Subholding managed to drill 12 exploration wells. In 2022, Upstream Subholding seeks to increase performance massively and aggressively through a work plan to drill 29 exploration wells, or 242% compared to the 2021 realization.
Furthermore, Medy explained that new reserves discovery from 3 (three) Exploration wells complements the previous reserve findings success in Semester-1 in 2022, namely the Sungai Gelam Timur-1 well in Jambi, Wilela-001 in South Sumatera, GQX-1 in North West Java, and Manpatu-1X in Mahakam. The Ytd drilling success ratio in August 2022 has reached 70%. This success was contributed by all relevant parties, both internal and external.
In the exploration strategy, Upstream Subholding has three main initiatives. The three main strategies include existing Working Areas (WK) assets where exploration contributions are needed to maintain and increase existing oil and gas production. Next is the New Ventures strategy, where Pertamina's Upstream Subholding seeks new exploration potential. Lastly, the partnership strategy for risk & cost sharing, as well as technology & knowledge transfer through the domestic and foreign cooperation and joint bidding processes acceleration.
In addition to optimal performance, PHE, as Pertamina's Upstream Subholding, has been registered in the United Nations Global Compact (UNGC) as a participant/member since June 16, 2022. PHE is committed to the Ten Principles of the United Nations Global Compact (UNGC) in its strategy and operations as part of the Environmental, Social, Governance (ESG) implementation. Pertamina's Upstream Subholding will continue to develop domestic and foreign professional management operations to become a world-class oil and gas company.**