Indonesian state-owned Pertamina's oil and gas output in 2022 reached 967,000 b/d of oil equivalent (boe/d), up by 8pc on the year. Its refinery production hit 313.9mn bl, rising by 6pc from 2021.
The firm recorded a net profit of 56.6 trillion rupiah ($3.81bn), an 86pc jump on the year. The firm's fuel and non-fuel product sales reached 97.86mn kilolitres, rising by 5pc from 2021, although it did not provide a breakdown of its products.
Pertamina also accelerated its decarbonisation efforts in 2022. The firm's power generation from geothermal and renewable energy reached 4.659TWh during the year, and it also developed a geothermal diversification plan which includes initiatives such as the launch of a 100 kg/d green hydrogen pilot plant this year.
It recently turned to initial public offerings for its subsidiaries to provide the investment needed to boost geothermal capacity and fund exploration and production. The firm in February launched an initial listing for its geothermal unit Pertamina Geothermal Energy.
Pertamina is also encouraging consumers to "consume fuel wisely and start consuming environmentally friendly fuel… to reduce carbon emissions," in line with Indonesia's efforts to achieve net zero emissions by 2060.
Indonesia's Ministry of Energy and Mineral Resources last month issued a regulation for the implementation of carbon capture and storage (CCS) and carbon capture, utilisation and storage (CCUS) in upstream oil and gas business activities. This is a first step towards achieving the country's net zero target, the ministry said.
The regulation covers general provisions on the implementation of CCS and CCUS, and minister of energy and mineral resources Tutuka Ariadji said he hopes it can encourage the oil and gas industry to reduce emissions.
Indonesia currently has 15 CCS/CCUS projects in the study phase, and most of them aim to start operations before 2030. These projects include the 7.6mn t/yr Tangguh LNG venture and the 9.5mn t/yr Abadi LNG export terminal.
