Malang, Jawa Timur (ANTARA) – Indonesia's state-owned energy firm PT Pertamina Hulu Energi (PHE) is targeting oil production of 595,000 barrels per day (bpd) in 2026, up 38,000 bpd from 557,000 bpd in 2025.”We aim to reach around 595,000 bpd,” said Edi Karyanto, PHE's director of strategic planning, portfolio, and commercial, at a media gathering in Malang, East Java, on Thursday.The 2026 target includes 404,000 bpd from domestic production, 156,000 bpd from overseas assets, and 35,000 bpd from mergers and acquisitions (M&A).PHE is also targeting gas production of 2.81 billion standard cubic feet per day (BSCFD), comprising 2.44 BSCFD from domestic output, 279 MMSCFD from overseas assets, and 89 MMSCFD from M&A.To meet the target, the company faces growing challenges, including decline rates of 24 percent in oil wells and 21 percent in gas wells.”We are aware that the decline rate of existing production is steep as our fields mature,” Karyanto said.PHE plans to revitalize assets, carry out development programs, and deploy Enhanced Oil Recovery (EOR) technology.The company will also boost resources through 16 exploration wells, seismic surveys, unconventional oil and gas development, and M&A.Other initiatives include asset and fiscal optimization, as well as the implementation of carbon capture technologies (CCS/CCUS).”If all these efforts are implemented, we hope to achieve the target,” he added.In 2025, PHE recorded oil and gas production of 1.03 million barrels of oil equivalent per day (MMBOEPD), consisting of 557,000 bpd of oil and 2.76 BSCFD of gas.The company drilled 886 development wells, conducted 1,288 workovers, and carried out 37,259 well services.Exploration activities included 2,931 km of 2D seismic surveys, 855 sq km of 3D surveys, and 20 exploration wells.PHE also recorded 2C resource discoveries of 1,097 million barrels of oil equivalent (MMBOE), largely from unconventional resources in the Rokan Working Area.Proven reserves (P1) reached 313.7 MMBOE.