Pertamina triples profit

JAKARTA, November 9, 2016 – Cost-cutting operations have helped Pertamina triple its net income over the first nine months of the year, Indonesia’s state-owned energy giant said late on Tuesday.

Pertamina’s income surged from USD 914 million to USD 2.83 billion, thanks in part to efficiency gains that resulted in a USD 834-million reduction in operational costs. “These achievements are made possible because Pertamina managed to improve operational performance and cut costs up to 27 percent in the first nine months of this year,” President Director Dwi Soetjipto said in a statement.

Hydrocarbons production over the first nine months of 2016 averaged 646,000 boepd, up 12.3 year-on-year. Oil output came out at 309,000 bopd, while gas production was recorded at 55.3 mcm (1.95 bcf) per day.

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