Pertamina Hikes Oil, Gas Production Target for 2015

Indonesia’s state owned oil and gas company Pertamina has increased its oil and gas production target for 2015 despite failing to meets its output target last year, reported Jakarta Post newspaper.

Last year, the company’s oil production reached 259,000 barrel of oil per day (bopd), about 7.5 percent lower than the initial target of 280,200 bopd. Meanwhile, its gas output in 2014 stood at 1,562 million standard cubic feet per day (mmscfd), slightly below the target of 1,568 mmscfd, the newspaper said.

For this year, the company expects oil output to touch 351,000 bopd, according to upstream director Syamsu Alam. The figure will be a 35.5 percent increase from its production realization in 2014.

In gas output, the company is targeting around a 6.8 percent increase to 1,668 mmscfd.

Indonesia, a former member of the Organization of Petroleum Exporting Countries (OPEC), has been struggling to halt production declines amid rising domestic demand.