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JAKARTA (RambuEnergy.com) – State-owned energy company PT Pertamina sets aside US$2.5 billion for investment this year, lower than realized investment of US$2.9 billion last year, Pertamina’s Director for Upstream Sector Dharmawan H. Samsu said Thursday (Jan. 17).
Samsu said the company’s realized investment last year was lower than the target of US$3.1 billion, partly due to efficiency.
He said the company’s investment in the upstream sector reached US$2.9 billion, of which, US$784 million was allocated for Rokan Block to pay signature bonus to the government, after the government picked Pertamina as the new operator of Rokan Block.
Pertamina has set up a subsidiary, called Pertamina Hulu Rokan that will become the operator of the Rokan Block. It is not clear yet whether Pertamina will develop the block on its own or in partnership with the existing or other parties.
Samsu, on Thursday, hinted that Pertamina could develop and operate the Rokan Block in partnership with other parties, but declined to disclose the potential partners.
Pertamina has also appointed RP Yudantoro as president director of Pertamina Hulu Rokan. Previously, Yudantoro was director for operation of PT Pertamina EP Cepu (PEPC).
Under the new PSC contract, Pertamina will begin operating the Rokan block from Aug. 9, 2021. Once Rokan block is under Pertamina’s hand, Pertamina is projected to contribute around 60% of national oil production.
Pertamina’s share of national production is projected to increase to 36% in 2018 and 39% in 2019 and could jump after 2021.
The hand-over of the Rokan block to Pertamina was the second major existing block that has been awarded to Pertamina, after Mahakam Block. Mahakam was previously developed by Total EP Indonesia.
At present, Rokan Block, which consists of major fields Duri, Minas and Bekasap, contributed 26% of the country’s oil production.
Since 1971 until Dec. 31, 2017, the block has produced 11.5 billion barrels of oil. (*)
Written by Staff Writer
Edited by Roffie Kurniawan