Jakarta- PT Pertamina Hulu Indonesia achieved notable success throughout the year 2023. For crude oil, PHI recorded an average production of 47.33 thousand barrels per day (MBOPD), contributing around 8% to the national oil production. Meanwhile, PHI's natural gas production reached an average of 618.72 million standard cubic feet per day (MMSCFD), higher than the 2023 Company Work Plan and Budget (RKAP) target of 603.38 MMSCFD.

The 2023 AGM at PHI headquarters in Jakarta on Wednesday (15/5/2024) showcased the Company's performance. The AGM was attended by PHI's President Commissioner, Meidawati, along with the Board of Commissioners of PHI and PHI's President Director, Sunaryanto. Meanwhile, shareholders such as the Director of PT Pertamina Pedeve Indonesia, Rahmi Amini, and the VP Controller of PT Pertamina Hulu Energi, Caesarian, were also present. The performance achievements presented are a consolidation of three PHI subsidiaries, namely PT Pertamina Hulu Mahakam (PHM), PT Pertamina Hulu Sanga Sanga (PHSS), and PT Pertamina Hulu Kalimantan Timur (PHKT).

PHI's President Director, Sunaryanto, explained that PHI had drilled 146 development wells and five exploration wells throughout 2023 as a manifestation of the Company's commitment to continuously invest in maintaining oil and gas production and supporting Indonesia's energy resilience.

"This positive performance is supported by borderless strategy implementations in various aspects of mature field management by all management and workers, resulting in optimal production," said Sunaryanto; he also stated that the Company continues to innovate in efforts to maintain the economics of oil and gas projects, thereby generating significant value for shareholders, the government, and all stakeholders. "We are grateful that in 2023, the Company succeeded in recording an additional proven reserve (P1) of 66.36 million barrels of oil equivalent (MMBOE), or about 156% above the RKAP target," he added.

"We appreciate PHI's performance in the 2023 Financial Year, especially regarding gas production achievements, which resulted in revenue above the RKAP target. We also thank the PHI's efforts in maintaining natural decline through well intervention and conducting exploration activities above target with positive results," said VP Controller of PT Pertamina Hulu Energi (PHE), Caesarian, representing shareholders present at the 2023 Annual General Meeting.

The Company's strong production performance is also supported by its environmental initiatives. In 2023, PHI received recognition from the Ministry of Environment and Forestry, earning two Gold PROPER awards and one Green PROPER award for its operations in Kalimantan. Moreover, PHI reduced emissions by 140,306 tons of CO2e, aligning with PT Pertamina (Persero)'s energy transition and carbon emission reduction initiatives.

Furthermore, according to Sunaryanto, throughout 2023, the Company successfully implemented its Corporate Social Responsibility (CSR) program, supporting the development and self-reliance of communities in line with the achievement of Sustainable Development Goals (SDGs). "There were 49 CSR programs throughout 2023 in the fields of education, economy, health, infrastructure, environment, and studies & disasters, all aimed at supporting the achievement of SDGs. The Company's CSR programs have won awards at the national and global levels," said Sunaryanto.

PHI also achieved several milestones, including PHM setting a new record for offshore drilling at a depth of 3,346 meters in a single sequence and drilling to a depth of 5,200 meters in just 18 days; PHSS discovering new oil and gas resources and reserves in Helios; PHI and PHM successfully maintaining ISO 37001:2016 Anti-Bribery Management System (ABMS) certification; and signing Confidentiality Agreements for Carbon Capture Storage (CCS) and Carbon Capture, Utilization, and Storage (CCUS) development.

PT Pertamina Hulu Indonesia (PHI) is part of Pertamina's Upstream Subholding, which manages upstream oil and gas operations according to Environmental, Social, and Governance (ESG) principles in Regional 3 Kalimantan through subsidiaries and affiliates collaborating with SKK Migas. In achieving its vision of becoming a world-class oil and gas company, PHI continues to innovate and apply technology to produce safe, efficient, reliable, compliant, and environmentally friendly energy to support #KalimantanEnergyForIndonesia. PHI's headquarters is in Jakarta. More information about PHI is available at https://phi.pertamina.com.