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Friday, March 18, 2011

Pertamina after a net profit of Rp17.9 trillion in 2012

Jakarta (ANTARA News) - State oil company PT Pertamina has set itself a target of securing a net profit of Rp17.9 trillion in 2011, a Rp200 billion increase than the Rp17.7 trillion in the same year.

President Director of Pertamina Karen Agustiawan told a meeting with Commission VI of the House of Representatives in Jakarta Wednesday that she was after a net profit of Rp20.9 trillion in 2013.

In 2014, it will be raised to Rp26.5 trillion and further to Rp27.3 trillion in 2015.

"Thus in the 2011-2015 period the company`s net profit had been projected to increase by an average of 11 percent per year," she said,

She also said that the net profit projection in 2014 was made considering the profit from the capacity increase project and blue sky of the Cilacap installation.

The company`s oil and gas output in 2015 may reach the equivalent of 703 thousand barrels of oil per day, on the basis of the assumption the the price of oil has reached 80 US dollars per barrel and the exchange rate of Rp9,000 per US dollar.

She also said that in the 2011-2015 period Pertamina planned to invest Rp265 trillion, up by 12 pct per year.

"Some 70 pct of the investment is allocated for upstream and the other 18 pct for plant upgrading," she added.

She also said that in 2011 investment has been estimated at Rp37.1 trillion, Rp53.6 trillion in 2012, Rp57 trillion in 2013, Rp58.1 trillion in 2014, and Rp59.1 trillion in 2015.

In the meantime, Pertamina is also planning to make an investment in four major projects in 2011 worth Rp6.2 trillion.

In the meeting with the House budgetary agency it was stated that the four projects will raise the equivalent of 140,598 of barrels of oil and gas production per day.

The production included 66.388 barrels of oil per day and 430 million of cubic feet of gas per day (MMSCFD).

The four projects is the West Madura Offshore, Jambi Merang, Malaysia, and Australia.

Pertamina may get an income of Rp14.962 trillion from the four projects, and a net profit of Rp4.632 trillion.

Initial production of the four projects will reach the equivalent of 100,421 barrels of oil per day.

The additional production from West Madura may reach the equivalent of 24,641 barrels of oil per day, Malaysia 5,123 barrels, Australia 445 barrels, and from Jambi Merang 9,968 barrels.

Pertamina also had a pessimistic target scenario if the project undergoes a delay of the equivalent of 131,567 barrels of oil per day with an investment of Rp5.62 trillion.

The production will initially come from the equivalent of 100,421 barrels of oil per day, plus West Madura 2,195 barrels, Malaysia 3.,70 barrels, Australia 445 barrels, and Jambi Merang 2,521 barrels.

Pertamina also planned the drilling of 50 exploratory wells in four projects, 109 development wells, two dimension seismic surveys of 1,089 km, and three dimension 1.597 km2 seismic projects.

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