With an Energizing Synergy Spirit, PIEP Records POSITIVE PERFORMANCE in Semester 1
JAKARTA - PT Pertamina Internasional Eksplorasi Produksi (PIEP), a subsidiary of Subholding Upstream Pertamina, disclosed its performance for Semester 1 2023. PIEP has achieved a production volume of 212.7 thousand barrels of oil equivalent per day (mboepd), exceeding the 2023 RKAP target by 11%. The hydrocarbon production consists of 149.8 thousand barrels of oil per day (kbopd), a 10% increase from the target, and gas production that has reached 15% above the 2023 target, totaling 364.3 million standard cubic feet per day (mmscfd).
Regarding the commitment to Health, Safety, Security, and Environment (HSSE) in Semester I 2023, the company has cumulatively achieved a total of 32,997,163 safe working hours.
Furthermore, PIEP is strongly committed to supporting ESG performance, including decarbonization programs, which have successfully reduced carbon emissions by 7,507 tons of CO2 equivalent per year in Semester I. This achievement is due to the innovative installation of solar panels for power generation in the MLN Algeria field. This performance also aligns with the international Sustainable Development Goal (SDG) 13, addressing climate change.
"We are confident that by the end of 2023, our production will surpass the set targets. Our commitment is to support national hydrocarbon production. PIEP also plans to invest collaborating with other countries we visited recently in Africa," said Jaffee.
During this visit, PIEP has a strategic goal to expand Pertamina's global footprint. "With the spirit of one team, one goal, one voice, we believe we can contribute to national energy resilience and support Pertamina's target of achieving a market capitalization of USD 100 billion," added Jaffee.
In Kenya, PIEP has signed a cooperation agreement with the National Oil Corporation Kenya (NOCK) looking into access data and information on oil and gas fields, as well as other potential in frontier areas or areas that are already in production.
In Tanzania, Pertamina, as the parent company of PIEP through the Upstream Subholding, has signed a Memorandum of Understanding (MoU) with the Tanzania Petroleum Development Company (TPDC) in the field of upstream and downstream exploration and production of hydrocarbons in the Tanzanian region.
Meanwhile, in Mozambique, PIEP has signed a non-binding MoU with Buzi Hydrocarbons Pte Ltd (BHPL) regarding the potential collaboration in the oil and gas sector, encompassing upstream, midstream, downstream, and gas-fired power generation.
During the first half, PIEP successfully secured a new contract extension in Menzel Lejmat Nord (MLN) Block 405 in Algeria. This gas field has the potential to build an LPG plant with an annual capacity of 1 million metric tons, the production of which can be transported to Indonesia as part of the company's commitment to national energy supply.
PIEP's portfolio for managing operational work areas in 12 countries across of four continents could enhance its expansion plan strategy in developing oil and gas fields. Thus, with new collaborations in the African oil and gas exploration and production sector, PIEP can further increase its production, this was proven by 2022 results for 29% of oil and 15% of gas production in Subholding Upstream Pertamina.
