The increase in the profit is boosted by the average increase of the Indonesian crude price (ICP).
Jakarta (ANTARA News) - PT Pertamina EP posted a profit of Rp9.8 trillion in the first semester of 2012 in light of the increase in prices as well as in oil and gas production which reached 131 thousand barrels per day, according to the Pertamina EP president director.

"The after-tax profit gain in the first half of this year is higher than the profit in the same period in 2011 which was Rp8.2 trillion," Saymsu Alam, the president director, said here on Thursday.

The profit which was booked by PT Pertamina EP, a subsidiary of state oil and gas firm Pertamina, account for about 63 percent of its net profit target in 2012 which is set at Rp15.5 trillion.

The increase in the profit is boosted by the average increase of the Indonesian crude price (ICP).

In the first semester of this year the average Indonesian crude price reached US$118.8 per barrel. The company has set a price target for 2012 at US$90 per barrel.

The average price of its gas was set at 4.56 dollar per million metric british thermal units (mmbtu), but in reality it rose to 5.02 dollar per mmbtu.

The increase in the oil and gas has also boosted Pertamina EP`s income to reach Rp25 trillion, or an increase by 57 percent from the target at Rp43 trillion in the first semester of the year.

It was earlier reported that PT Pertamina EP has succeeded in significantly boosting its oil and gas production in the first half of the year compared with production in the same period last year.

Its oil production rose to 127,800 barrels from 123,400 barrels per day and its gas production increased to 1,050 million from 1,047.7 million cubic feet per day.

Syamsu Alam said oil production began to rise in March this year.

Syamsu said its oil production reached 128,100 barrels per day (BOPD) in March and peaked at 131,500 BOPD in May, but still fell short of the target of 135,000 BOPD set in the 2012 state budget.

He said the company is set to pump out more oil in the second half of the year through optimization of existing oil wells , development of new oil fields and redevelopment of old wells.

Pertamina EP has succeeded in slowing down natural decline in productivity from normally 18 percent to 3 per percent per year.

In the first six months of the year, Pertamina EP finished drilling of 53 development wells leaving 18 more wells to be drilled, this year, he said.

Syamsu said the company posted an increase in profit after tax to Rp9.8 trillion in the January-June period this year from Rp8.2 trillion in the same period last year.(*)

Editor: Heru Purwanto
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