PEKANBARU - In 2024, Bumi Siak Pusako, a Riau Province Regional Owned Enterprise, will celebrate its 23rd anniversary by highlighting several of noteworthy accomplishments.

Iskandar, the Main Director of BSP, highlighted that the organization has made a number of noteworthy advancements since its establishment.

One of the biggest achievements is taking over the management of the Coastal Plains and Pekanbaru (CPP) Block from previously being with Pertamina (2002–2022) to being fully managed by BSP from 2022 to 2042.

“This is a great gift from Allah for the people of Riau, especially the government which is a shareholder of BSP. However, this is also a heavy mandate considering that the CPP Block is an old field that is more than 40 years old,” said Iskandar.

Iskandar went on to say that the government's gross split plan required the BSP to carefully consider block management in terms of both cost effectiveness and technology.

"BSP personnel must be solid and more professional in carrying out this mandate," he said.

As a Regional Owned Enterprise which is the pride of the Regional Government (Pemda) and the hope of the community, BSP continues to strive to maintain the company's reputation by working seriously and professionally.

“We all take great pleasure in BSP. Each and every BSP employee has to work very hard and remember to pray for the company's development,” added Iskandar.

Facing future challenges, BSP emphasizes its commitment to managing the CPP Block with good planning, eliminating operational obstacles, and maximizing field potential.

Iskandar said that currently there are positive signs regarding the discovery of new reserves and efforts to maintain production from old wells that are still active.

Iskandar also hopes for full support from the government, shareholders and all stakeholders. He acknowledged that the long licensing process is still a challenge and hopes that all parties can understand that BSP is a collective property that must be supported to develop.

“Of course there are flaws and drawbacks, but we're determined to keep becoming better and giving the Riau people the best,” he said.

In its 23rd year, BSP hopes to continue to be the proud BUMD of the people of Riau, increase oil and gas production, and provide the best contribution to the state, region and shareholders.

“May Allah make it easy and give His blessing to BSP,” he said.

Currently, BSP is optimistic that it will be able to achieve its oil production target of 8,500 barrels per day by the end of the year.

BSP continues to strive to increase production through drilling new wells and exploring oil and gas reserves. Currently, BSP has completed eight exploitation wells which will increase oil output.

The company is also processing environmental permits for several new exploration wells to
increase long-term reserves and production.

In 2023, BSP recorded the highest net profit in company history of IDR 476.78 billion, an increase from IDR 381 billion in 2022.

Iskandar stated that this achievement was the result of optimizing operational performance, especially through well service activities and work program efficiency.

Siak Regent, Drs H Alfedri MSi also expressed gratitude for BSP's increased net profit, which was thought to be able to provide significant dividends for local development.

“This achievement shows BSP's commitment to maximizing its contribution to development in Riau,” he said.

As part of its exploration strategy, BSP for the first time carried out a 2D seismic survey along 156 km in Rokan Hilir Regency.

BSP Exploration Manager, Dudy Lastawan, explained that this survey aims to identify potential new reserves and increase national oil and gas production.

“Exploration is our future, and we hope for support from all parties so that survey activities can run smoothly,” he said.

In addition, BSP is strengthening collaboration with the Riau High Prosecutor's Office to ensure oil and gas operations comply with regulations.

This cooperation includes legal assistance, legal considerations, and other legal actions related to WK CPP operations.

In the social sector, BSP is also active in distributing CSR funds for education, the latest programs include assistance in building new classrooms at Islamic boarding schools in Sabak Auh District, Kerinci Kanan District, Lubuk Dalam District and Mempura District in Siak Regency.

This demonstrates BSP's dedication to fostering the growth of infrastructure and human resources in its operations regions.

Bumi Siak Pusako is certain it can meet its end-of year production goal and carry on contributing positively to society and the area with its performance continuing to improve and the full support of the local government and stakeholders.(*)