"Amid the challenge of low world oil price, thank god Pertamina was still able to make a net profit of US$570 million, despite suffering losses early in the year," President Director of PT Pertamina Dwi Soetjipto said here on Wednesday.
Till June 2015, the Indonesian Crude Price had fallen to US$59.4 per barrel, far below the US$106.6 per barrel value in the same period last year, he added.
Pertamina recorded an encouraging growth in oil and gas production in the first semester of 2015, around 6 percent higher than that in the same period last year, Soetjipto stated.
Till June 2015, the companys oil and gas production reached 550.89 thousand barrels of oil equivalent per day, comprising 270.76 thousand barrels of oil and 1,600 MMSCFD of gas.
This achievement was supported by Pertaminas overseas assets, which produced 73.5 thousand barrels a day.
In terms of processing, in the second quarter of 2015, the principal cost of production at Pertaminas refineries has been 100 percent lower than the cost of imports. This indicates that the refineries have been functioning more efficiently.
Soetjipto further noted that due to the fall in the price of oil, Pertaminas earnings in the first semester of 2015 amounted to US$21.79 billion, a 40.69 percent decline from that in the corresponding period in 2014.
However, the principal cost of production and doing business reached US$20.22 billion, which was 35.26 percent lower than that in the first semester last year.
The companys earnings before interest, taxes, depreciation, and amortization (ebitda) reached US$2.32 billion.
Moreover, Pertaminas fuel oil sales in the first semester of 2015 dropped 7.16 percent to 30.07 million kiloliters.
Soetjipto also stated that in line with the governments policy, Pertamina did not change its fuel oil prices. As a result of selling its products at below economic prices, it can incur a potential loss of Rp12.6 trillion till July 2015.
With regard to investment, till the first semester of 2015, realization of Pertaminas investments reached US$1.87 billion, with 72 percent of the total pooled into oil and gas upstream businesses, he pointed out.
In addition, in the first semester of 2015, Pertamina recorded an efficiency of US$249.16 million, which was 3.26 percent above target.
This was due to the centralization of non-hydrocarbon procurement at US$87.80 million and that of hydrocarbon procurement at ISC amounting to US$37.7 million.
"The highest efficiency resulted from the efforts of Pertaminas personnel, who ensured tight management of the flow of oil, which contributed US$107.94 billion," he remarked.
Reporting by Kelik Dewanto
T.K007 (H-YH/INE)
EDITED BY INE/A014 .
Editor: Suryanto
Copyright © ANTARA 2015
