Pertamina International EP Goes Global, Supports Energy Resilience with Satisfactory Achievements

Jakarta, February 15, 2024 – PT Pertamina International EP (PIEP), as Pertamina's International Regional Subholding Upstream, has started 2024 with achievements surpassing the set targets.

PIEP recorded a highly satisfactory operational performance, with oil production exceeding the target (109%), contributed by Iraq and other assets in Gabon and Angola. Meanwhile, gas production exceeded the target (118%) with contributions from Algeria, Malaysia, and other assets (higher production in Tanzania). When combined with oil equivalent terms, production reached 213 thousand barrels of oil equivalent per day (KBOEPD), 112% higher than the Corporate Work Plan and Budget (RKAP) target of 194 kboepd.

It is supported by an increase in proven reserves (P1) by 29 million barrels of oil equivalent (MMBOE), 935% larger than the 2023 RKAP of 3 MMBOE. Meanwhile, the contingent reserves (2C) of 11.1 MMBOE is 317% larger than the 2023 RKAP target of 3.5 MMBOE.

With the approval of the extension of 6 Extended License Agreements (ELA) in Algeria in December 2023, coupled with the success in adding Block SK 510, the latest block award since 2017, strengthening PIEP's operations in Malaysia with existing assets in SK309 and SK311 with contract durations until 2040.

"PIEP's performance will continue to be optimized in the coming year of 2024 through various innovations. This implies that we must have a strong foundation to move forward and achieve the set targets," said the President Director of PIEP, Jaffee A. Suardin. Jaffee added that the other achievement is Unlocking Venezuela's Potential and the Completion of Wentworth Acquisition.

In terms of HSSE performance, the Lost Time Incident Rate (LTI) achievement stands at zero (0), realized until the end of 2023, and the Total Recordable Incident Rate (TRIR) also recorded zero (0), both of which are still below the limits. Out of 403 personnel, PIEP recorded 34.197 million hours without work accidents. It is a great achievement and reflects PIEP's high commitment to HSSE. However, improving the safety culture will always be a priority in PIEP's operations. Following the Company's Vision to become a World-Class International Energy Company, supporting the implementation of global performance, namely ESG (Environmental, Social, Governance) through the work programs development that support the achievement of net zero emissions targets.

"We continue to remind PIEP Officers to adhere to the company's established regulations for our collective safety. The journey to make PIEP a global company is still long; PIEP Officers will continue to provide the best energy for Pertamina and Indonesia that we all love," concluded Dharmawan H. Samsu, Chairman of PIEP', while closing his remarks at the 2024 Town Hall Meeting.

On a separate occasion, the Vice President of Corporate Communication of PT Pertamina (Persero), Fadjar Djoko Santoso, said Pertamina is opening opportunities to expand its operations abroad through subsidiaries, including PIEP.

"PIEP's operations are an effort to achieve independence and strengthen national energy resilience; we have the spirit to bring the barrel home, meaning the results from oil fields abroad will return to the homeland," Fadjar concluded.