Indonesia's Pertamina Targets 30% Cut To 2016 Upstream Operating Expenses

Source: Reuters 2/1/2016, Location: Asia

Indonesia's Pertamina has reduced its 2016 upstream operating expense target by 30 percent because of declining crude prices, the state-owned energy company's upstream director, Syamsu Alam said.

The company had earlier set 2016 upstream operating expenses, which cover oil well development and exploration costs, at around $4 billion, Alam said.

The company's average cost of onshore production for crude oil is $19-$20 per barrel, while the cost of production at offshore units like Pertamina's West Madura operation is higher, around $30 per barrel, Alam said.

Pertamina has also cut its 2016 crude output target to 296,000 barrels per day (bpd) from 326,000 bpd previously, another company official said.


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