Oil and Gas: Pertamina books net profit of US$1.39b in 10M15.
State-owned O&G company Pertamina booked a net profit of US$1.39b in 10M15, driven by cost efficiency initiatives. CEO Dwi Soetjipto said the efficiency in opex has reached US$1b. EBITDA margin has reached 10.8% in mid-15, the highest in the past three years, amid declining oil prices. Dwi said the major challenge from the declining oil prices can be overcome with proactive initiatives with five strategic priorities: a) development of the upstream sector, b) efficiency in all business lines, c) increase refinery and petrochemical capacities, d) development of infrastructure and marketing, and e) improvement in its financial structure. Pertamina’s O&G production has reached 584.000 barrel of oil equivalent per day (boepd) in 10M15, up 11.3% yoy. Pertamina is serious in developing its gas and renewable energy businesses. Its gas infrastructure now includes Arun LNG receiving and regasification facilities, Donggi-Senoro LNG plant and gas pipelines of 1,956km.