Indonesia Pertamina to Work on Old Wells

VIVAnews - State oil and gas Pertamina EP increases efforts to explore and exploit old oil and gas fields in pursuit of the targeted net profit on upstream sector worth Rp 19.7 trillion.

Recently, Pertamina EP of Sumatra Region in Prabumulih, South Sumatra, set up oil drilling at PMB-21 well.

Pertamina EP President Director, Salis S Aprilian, said the oil enterprise this year plans to drill 48 wells and 19 old wells in Sumatra.

"It is expected that Pertamina can reach the targeted net profit of Rp 19.7 trillion, of which two third of it may be acquired from Pertamina EP. The target is set at the Indonesia Crude Price of US$80 per barrel and rupiah currency of Rp 9,000 against US dollar," he said.

According to Salis, the oil firm needs much effort to increase its production as it mostly relies on old wells at an average production fall of around 18 percent.