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Restructured Pertamina targets revenue of $93 billion in 2024

Indonesia's Pertamina first-half upstream output rises 8%​

August 09, 2023 — 12:16 am EDT

Written by Fransiska Nangoy for Reuters ->

JAKARTA, Aug 9 (Reuters) - Indonesia's state energy company Pertamina's first-half upstream oil and gas production rose 8% to 1.05 million barrels of oil equivalent per day, its upstream unit Pertamina Hulu Energi (PHE) said on Wednesday.

Crude oil production was 570,000 barrels of oil per day for the January-June period, while natural gas output was 2.76 billion cubic feet per day, PHE said.

So far this year, Pertamina has also secured new exploration areas such as the Peri Mahakam, East Natuna and Bunga gas blocks, it added.

PHE in July signed a deal with Shell to take over 20% of Shell's 35% stake in Indonesia's giant gas project in Masela block, while Malaysia's Petronas will buy 15% stake.


Intensifying CCUS, Pertamina Finds Carbon Storage Location with a Capacity of 2 Giga Tons​

Intensifying CCUS, Pertamina Finds Carbon Storage Location with a Capacity of 2 Giga Tons
Intensifying CCUS, Pertamina Finds Carbon Storage Location with a Capacity of 2 Giga Tons © Bisnis.com

Bisnis.com, JAKARTA - PT Pertamina (Persero) found the potential for carbon storage in the Sunda-Asri Basin with a capacity of 2 giga tons of Co2.

President Director of PT Pertamina, Nicke Widyawati said that the discovery of the location could later become a place for the application of carbon capture, utilization, and storage technology or carbon capture utilizaton and storage (CCUS).

"We found one location in the Sunda Asri-Basin. It's huge for CO2 storage," said Nicke at the Ritz Carlton Ballroom, Monday (14/8/2023).

Also Read: Pertamina Wins IDR 487.13 billion Contract for Banyu Urip OPL Drilling

Before discovering the basin, Nicke said that his party conducted an independent study and found a total carbon storage potential of 400 giga tons from all oil and gas basins in Indonesia.
Nicke said that the implementation of domestic CCUS is now increasingly relevant to the use of oil and gas (oil and gas) which is still needed until zero carbon emissions or net zero emissions (NZE) 2060.

Also Read: Pertamina Enters Fortune 500 List, How Are Other Oil and Gas Companies?

The application of CCUS technology is known to be an important factor in today's industry which is entering an adaptation period to welcome the energy transition.
"The share of new and renewable energy use in the 2060 energy mix is 51%, meaning that there are still those who produce emissions. Therefore, it is important to talk about CCUS," he said.

Also Read: Pertamina Penetrates the Top 150 Companies with the Highest Revenue in the World

Meanwhile, regulations regarding the use of carbon capture and storage technology or CCS / CCUS in upstream oil and gas activities have been issued by the Ministry of Energy and Mineral Resources (ESDM).

Minister of Energy and Mineral Resources Arifin Tasrif has stipulated ESDM Minister Regulation Number 2 of 2023 concerning the Implementation of Carbon Capture and Storage, as well as Carbon Capture, Utilization and Storage in Upstream Oil and Gas Business Activities.
The regulation, which was signed on March 2, 2023, is one of the government's efforts to realize low-emission upstream oil and gas activities and encourage increased oil and gas production.

"CCS / CCUS is a new thing for Indonesia so that the preparation of regulations is carried out from the design to the implementation stage," said Director General of Oil and Gas Tutuka Ariadji through a press release, Friday (10/3/2023).

Currently, there are 14 carbon capture, utilization and storage (CCS/CCUS) facility projects being developed in Indonesia with a maximum operating target of 2030.

Meanwhile, the 14 projects are spread from Arun, Sakakemang, Central Sumatra Basin Hubs, Coal to DME+ developed by Pertamina and Chiyoda Corp; Ramba, Gundih, East Kalimantan &; Sunda Asri Basin Hubs, CCU to Methanol RU V Balikpapan, Sukowati, Abadi, Blue Ammonia developed by Panca Amara Utama together with Jogmec, Mitsubhisi and ITB, Tangguh.
Meanwhile, there are two fields that are still being studied further in the East Java region developed by Pertamina and Chevron and facilities in East Kalimantan developed by Kaltim Parna Industri together with ITB (Institute Technology Bandung).


Pertamina Continues Tuban Refinery Project​

Pertamina Tuban Refinery Project, East Java

KONTAN.CO.ID - JAKARTA. PT Pertamina emphasized that the New Grass Root Refinery and Petrochemical (NGRR) Project or Tuban Refinery is still running. Previously, this project was feared to stagnate due to the escalation of the Russia-Ukraine war. Understandably, the Tuban refinery project cooperates with Rosneft, a Russian oil and gas company.

President Director of PT Kilang Pertamina Internasional (KPI) Taufik Aditiyawarman revealed, the work on the maish project is running. It has not discussed further the potential of cooperating with other partners.

"This is still the Final Investment Decision (FID), the same as the Engineering Procurement Contract (EPC) prequalification process," Taufik said in Jakarta, Monday (14/8).
Taufik emphasized that so far his party would not change partners in this project. The replacement of partners must also be done by discussing with PT Pertamina as the parent company.

Also Read: Subsidy Spending Has the Potential to Collapse, Here's How the Government Tries

"It still exists now. We have to discuss with the holding about strategic partners," continued Taufik.

Previously, Director General of Oil and Gas of the Ministry of Energy and Mineral Resources Tutuka Ariadji revealed that his party would still see the development of the project until next year.

"Looking at it until next year, it is awaited and evaluated first while seeing how it develops," explained Tutuka, at the end of July.

Just so you know, Pertamina International Refinery targets the Tuban Refinery investment agreement to be carried out in early 2024.

Tuban Factory which stands on an area of 840 hectares in Jenu District, Tuban Regency. Tuban refinery consists of a total of 70 units with 14 fuel processing units and 7 petrochemical processing units, and the rest are supporting units.

The Tuban refinery itself is targeted to become the industry leader with the highest processing margin compared to other refineries in Southeast Asia.

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The B35 program is claimed to be able to save foreign exchange up to Rp 160 trillion (11 billion USD)​

Pertamina President Director Nicke Widyawati explained that before mandatory B35, the government and Pertamina implemented B30.
Pertamina President Director Nicke Widyawati explained that before mandatory B35, the government and Pertamina implemented B30. © Dock. Pertamina

REPUBLIKA.CO.ID, JAKARTA – PT Pertamina (Persero) this year began implementing Biodiesel 35 or B35 according to government directions. Through this step in addition to reducing dependence on world oil, the government is also able to save 10.75 billion US dollars or equivalent to Rp 160 trillion.

Pertamina President Director Nicke Widyawati explained that before mandatory B35, the government and Pertamina implemented B30. During the implementation of B30, per year the government can save Rp 122 trillion from the portion of crude oil imports.

"This is an extraordinary program, because the government can save more than Rp 160 trillion. Savings during the implementation of B30 yesterday could reach IDR 122 trillion per year," said Nicke in Jakarta, Monday (14/8/2023).

Nicke explained that the total allocation of B35 this year reached 13.15 million kiloliters (KL). With FAME needs of 35 percent of the total annual solar needs.

On the other hand, Nicke said that in the future Pertamina would also convert Pertamina's oil refinery to bio-energy, so that it could become green energy. This is Pertamina's effort to support a greener Indonesia.

"So because Indonesia has a lot of CPO (palm oil), corn, sorghum, cassava, sugarcane, this is a lot. Therefore, our refinery must be converted into a green refinery," she said.

President Director of PT Kilang Pertamina Internasional (KPI) Taufik Adityawarman explained that in addition to developing refineries, Pertamina also made modifications so that the refinery not only produces fuel but also environmentally friendly fuel.

"We plan to revamp three refineries so that they can produce bioenergy. Cilacap, Plaju and Dumai factories," Taufik added when met at the same location.

Pertamina Develops Carbon Capture and Storage Technology

Pertamina | CNN Indonesia
Tuesday, 12 Sep 2023 10:05 WIB

Pertamina President Director Nicke Widyawati as a speaker at the 2023 International & Indonesia Carbon Capture and Storage (CCS) Forum in Jakarta, Monday (11/9). (Photo: Pertamina)

Jakarta, CNN Indonesia --PT Pertamina (Persero) supports the realization of the Net Zero Emission (NZE) target in 2060 by developing carbon capture and storage technology or Carbon Capture Storage/Carbon Capture Utilization and Storage (CCS/CCUS).

At the 2023 International & Indonesia Carbon Capture and Storage (CCS) Forum with the theme Pioneering the Energy Landscape Decarbonization Future: Harnessing the Power of CCS Globally for a Cleaner Future and Economic Growth, Pertamina President Director Nicke Widyawati explained that the implementation of CCS/CCUS in Indonesia It is believed that this will be able to support increased oil and gas production, while reducing greenhouse gas emissions.

"Pertamina is ready and committed to contributing to the country's efforts as summarized in our NZE Roadmap," said Nicke in Jakarta, Monday (11/9).Nicke added that the roadmap is based on three main strategic pillars, namely decarbonization of existing assets, development of environmentally friendly energy businesses, and carbon negative initiatives such as CCUS & Nature-Based Solutions (NBS).

Meanwhile, through CCUS activities, Pertamina will act as a sustainable energy supplier, also provide carbon reduction solutions, as well as improve the economy and other multiplier effects.According to Nicke, Pertamina's role in implementing CCUS operations includes CO2 injection at the Pertamina EP Field, Jatibarang, West Java.

Enhanced Oil Recovery (EOR) technology, which uses CO2 for huff and puff, has a positive impact on the reservoir.Apart from that, Pertamina will also carry out CO2 injection activities in the Sukowati Field, East Java, which aims to increase oil and gas production, as well as potentially storing CO2.

Then, Pertamina actively continues to support Indonesia's target to become one of the CCS Hub implementers in the ASEAN region. The mission to develop CCS is considered to have a promising future, considering that Indonesia has abundant natural resources, which proves the existence of sedimentary basins that are potentially suitable for CO2 storage throughout the country.

Moreover, there have been various studies which state that there is a potential storage capacity of up to 400 gigatons (GT) in this sedimentary basin. Indonesia's geographical position is also seen as beneficial for CO2 transportation across national borders, thus supporting the development of the CCS Hub in the Asia Pacific region.

Nicke emphasized that Pertamina is ready to collaborate with various parties related to the development of CCS/CCUS."If necessary, we are also ready to be actively involved in future regulations and policies to create a more comprehensive CCS/CCUS ecosystem in Indonesia," she said.

On the same occasion, Coordinating Minister for Maritime Affairs and Investment (Menko Marves) Luhut Binsar Pandjaitan, who was present online, said that currently CCS/CCUS technology has been implemented by world countries as an effort to reduce emissions.

In line with Nicke, Luhut also said that the development of CCS HUB in Indonesia has great potential, considering that Indonesia is rich in natural resources with a storage potential of up to 400 gigatons."Through collaboration and sharing knowledge, we can exploit the full potential of CCS to realize a sustainable future for Southeast Asia," said Luhut.

At that time, Pertamina also signed a Memorandum of Understanding (MoU) regarding the implementation of CCS/CCUS technology, including with PT Pertamina Hulu Mahakam, PT Pertamina Hulu Sanga-Sanga and PT Pertamina Hulu Rokan, in collaboration with the Ministry of Energy and Mineral Resources, Chevron and Mitsui .

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Pertamina Withdraws IDR 4.7 Trillion Dividend from Venezuelan Oil and Gas Field​


News from Nyoman Ary Wahyudi • 8h

Bisnis.com, TANGERANG — PT Pertamina (Persero) withdrew dividends worth US$300 million equivalent to Rp4.7 trillion (assuming an exchange rate of Rp15,680 per US dollar) from its 32 percent ownership of the participating interest in the Urdaneta West Field oil field in Venezuela.

Pertamina has a contract as the holder of participation rights in the field cultivated by Petroregional del Lago Mixed Company for 20 years, from 2006 to 2026.

"The fund divides one of our assets there," said Pertamina's VP Corporate Communication Fadjar Djoko Santoso when confirmed, Tuesday (11/14/2023).

Also Read: Pertamina Collaborates with Chinese Company Sinopec to Cooperate in Oil and Gas Business to EBT

Fadjar said the company is still in the process related to the withdrawal of dividends on foreign assets. "It's still a work in progress," Fadjar said.

Previously, Coordinating Minister for Maritime Affairs and Investment Luhut B. Pandjaitan said Pertamina's funds of IDR 4.7 trillion had settled in Venezuela for about 4 years.

Also Read: Complete List of Pertamina, Shell, BP, and Vivo Fuel Prices as of November 13, 2023

Pertamina's retained funds were told by Luhut when he received a visit from the Special US Presidential Envoy for Climate, John Kerry during his recovery period in Singapore, Saturday (11/11/2023) yesterday.

"We previously experienced problems due to problems between the United States and Venezuela, which caused Pertamina's funds to be held for almost 3-4 years, and America has helped solve this," Luhut said as quoted from a press release, Sunday (12/11/2023).

Also Read: Luhut's Story About Pertamina's Rp4.7 Trillion Funds Settling in Venezuela

Luhut appreciated the assistance of the United States (US) government for the release of funds from the oil and gas company which has been held for a long time in Venezuela.

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