PT Pertamina Hulu Energi (PHE) Shines in Q3-2024 with Record Production
In the bustling energy sector of Indonesia, PT Pertamina Hulu Energi (PHE) has once again proven its mettle with outstanding performance in the third quarter of 2024. The company, a Subholding Upstream of Pertamina, has achieved a remarkable feat by producing a staggering 1.04 million barrels of oil equivalent per day (MBOEPD), showcasing its relentless commitment to excellence in the industry.
Technological Advancements Driving Success
One of the key factors contributing to PHE’s success in Q3-2024 is the strategic implementation of cutting-edge technologies such as Multi Stage Fracturing, Simple Surfactant Flood, Artificial Intelligence for well reactivation programs, and other innovative solutions. These technological advancements have played a crucial role in enhancing production efficiency and optimizing operational processes, leading to the remarkable output witnessed during this period.
Moreover, PHE has made significant strides in drilling activities, completing 13 exploration wells, 585 development wells, 769 workover wells, and 26,928 well services in the third quarter of 2024. This robust performance underscores the company’s unwavering dedication to operational excellence and continuous improvement in its upstream activities.
Impressive Growth and Exploration Achievements
Comparing the performance of Q3-2024 to the same period in 2023, PHE has demonstrated substantial growth, with a notable increase in key areas such as exploration well drilling by 38.5% and workover wells by 21.7%. Additionally, the company has conducted seismic surveys covering 739 km of 2D and 2,322 km2 of 3D in Q3-2024, showcasing its commitment to exploration and resource identification.
Furthermore, PHE’s exploration endeavors have yielded significant discoveries, including the Astrea-1 oil and gas field in the Rokan Hilir area, with reserves estimated at 40 million barrels of oil equivalent (MMBOE). The company has also identified contingent resources totaling 312 MMBOE, comprising 128 MMBO of oil and 1.067 BSCF of gas, further solidifying its position as a key player in the energy sector.
Commitment to Sustainability and Social Responsibility
In addition to its operational achievements, PHE remains steadfast in its commitment to environmental sustainability and social responsibility. The company has actively pursued initiatives to support clean energy goals, such as the injection of CO2 through CO2-EOR technology as part of Carbon Capture Utilization and Storage (CCUS) efforts at the Sukowati field.
By leveraging CCUS technology, PHE aims to effectively store CO2 emissions and reduce atmospheric pollution, aligning its operations with global sustainability objectives. Furthermore, the company has prioritized local content development, with a focus on increasing the Domestic Component Level (TKDN) to 62.94% by Q3-2024, contributing to economic growth and supporting local businesses.
As PHE continues to drive innovation, sustainability, and excellence in its operations, the company remains dedicated to upholding the highest standards of governance and integrity. By adhering to the principles of the United Nations Global Compact (UNGC) and implementing anti-bribery measures such as the Anti-Bribery Management System (SMAP) certified under ISO 37001:2016, PHE sets a benchmark for ethical business practices in the industry.
In conclusion, the remarkable achievements of PT Pertamina Hulu Energi in Q3-2024 underscore its position as a leader in the energy sector, driving sustainable growth, innovation, and social responsibility in the pursuit of becoming a world-class oil and gas company.
