Challenged by oil prices, Pertamina increases geothermal production
Geothermal pipes of Pertamina, Indonesia (source: zmiyatul.blogspot)
Alexander Richter
4 Jun 2016
Challenged by low oil prices, Indonesian Pertamina has seen a significant drop in revenues, but has managed to increase geothermal energy production from its plants in Indonesia by 8 percent.
The geothermal business of Pertamina goes strong despite the company struggling with low oil prices, as essentially all oil firms today.
This was reported by Pertamina in Jakarta this week. The company’s revenues dropped significantly by 40.3% to $41.76 billion in 2015 down from $70 billion in 2014.
Speaking on the results, Pertamina president director Dwi Soetjipto and comparing the company results to that of its peers, said:“Pertamina looks like an anomaly among other companies that seem to have experience double-digit slowdowns. Pertamina’s decrease was only slight,” he said, adding that it was able to maintain the number of its workers as well.
Data provided by Pertamina shows that several other oil and gas giants had experienced dramatic decreases in their net profits.
And there are positive news as well, Pertamina has been able to increase its production of geothermal energy by 8 percent adding up to 3,56 GWh of electricity.Thanks to the higher production, Pertamina ended 2015 with 3,898 thousand barrels of oil equivalents in reserve replacement of oil and gas.
Source: The Jakarta Post
