Pertamina Hulu Mahakam (PHM), a subsidiary of state-owned oil company Pertamina, is opening up a new oil and gas field in the country to find new reserves despite a sharp fall in crude oil prices. PHM began on May 21 drilling a new oil and gas exploration well in the Peciko Field, Mahakam Block, which is located off the coast of East Kalimantan, said the company in a statement on Monday (25/5).