Oil price hike jacks up Pertamina`s profit

Oil price hike jacks up Pertamina`s profit

Pertamina (ANTARANews/ferly)

Jakarta (ANTARA News) - Increase in the world oil price has jacked up the net profit of PT Pertamina EP in the first half of 2018 , up 24.76 percent to US$361 million (around Rp5.19 trillion) from the same period last year.

The surge in earning in the January-June period of 2018 was thanks to oil price hike in the world market now at US$66.28 per barrels , up from US$48.48 in the same period last year. Meanwhile the gas price rose from US$5.92 to US$6.07 per MSCF, President Director of PT Pertamina EP Nanang Abdul Manaf told reporters here on Friday.

Nanang said the increase in the net profit of the subsidiary of the state energy company PT Pertamina was in line with the rise in the company`s income.

In the period of January-June , 2018 Pertamina EP recorded income valued at US$1.45 billion , up from US$1.23 billion in the same period in 2017. The increase was contributed by domestic sales of non oil fuel (non-BBM) of US$1.44 billion and exports of crude oil and gas at US$16.4 million .

Oil and gas production of Pertamina EP reached 252,529 barrel oil equivalent per day (BOEPD) in 2018, up from 248,161 BOEPD in 2017.

Meanwhile, gas sales in the first half of 2018 totaled 13,632.26 MBO or 45.2 percent of the 2018 target 30,143 MBO.

Until end of June, 2018, oil daily production of Pertamina EP averaged 76,000 barrels per day or 91.65 percent of target and 96.36 percent of the daily production in 2017.

Meanwhile , its gas production until June 2018 reached 1,022.4 MMSCFD of the target of 986,110 MMSCFD.

Altogether, oil and gas production of Pertamina EP in the first half of 2018 totaled 252,529 BOEPD or 99.73 percent of the target of 253,203 BOEPD.

Nanang said in a bid to increase oil reserve, Pertamina EP has continued to carry out explorations . Explorations of three wells were already completed and four other wells are still under explorations.

In the second half of 2018, explorations would be intensified, he said.

Reporting by Faisal Yunianto
Edited by Andi Abdussalam

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