Building Foundation for

An Aggressive Future Growth

Moving Beyond Boundaries








Welcome to the Official Site of PT Pertamina EP Cepu.

PEPC as the upstream subsidiary of PT Pertamina (Persero) is engaged in upstream oil and gas business activities with the mining working area in Cepu Block. PEPC works closely with its Production Sharing Contract (PSC) Contractor partners to jointly manage and explore the oil & gas potential in the region. The potential reserves of Banyu Urip Field are approximately 823 million barrels of oil and 1.5 TCF of Gas in Jambaran Tiung Biru Unitization Field. In 2019, PEPC's oil production did not only come from Banyu Urip Field, but also from Kedung Keris Field which has been operating since November 2019.

PEPC runs its business activities based on the company's work plan and budget (WP&B). Based on WP&B 2019, five strategies have been established by the Board of Directors, namely being an active partner, generating sustainable growth, utilizing information technology system, becoming a gas operator in the Jambaran Tiung Biru (JTB) Field, and building an organizational structure.

In addition to implementing the five strategies, PEPC also established 10 directors' directives, as well as other strategic policies such as the PEPC Performance Excellence roadmap 2018 - 2025 with annual achievement targets. Therefore, throughout 2019, all members of the Board of Directors along with PEPC employees optimally carried out these strategic policies.

In implementing the health, safety, security and environment (HSSE) function, PEPC managed to reduce the number of workplace accidents to zero accident. This achievement was due to a strong commitment from all stakeholders to implement aspects of occupational health, safety and security, in line with the tagline "Spirit to Zero Accident, We Work Safely".

In 2019 PEPC recorded a net profit realization of USD849.09 million, an increase of 0.71% and a positive performance with a total oil production of 217.64 MBOPD, as well as a project financing of USD1.85 billion

PEPC became the first subsidiary of PT Pertamina (Persero) to receive financing assistance from external parties in the form of project financing. The project financing was PEPC's achievement in managing Pertamina's upstream assets based on international standards, thus gaining the trust of a consortium of 12 national and international financial institutions.

In addition, PEPC also received the "Deal of the Year 2019" which was an award for the conventional project financing category in Southeast Asia for its success in securing substantial funding. PEPC was also awarded Islamic Project Financing from Dubai. The project financing secured by PEPC was also the first project that combined two types of financing, namely conventional and sharia financing.

On behalf of the Board of Directors, I would like to express our gratitude and appreciation to all PEPC employees and stakeholders who have shown their dedication and support for the achievement.

Of performance during 2019. Now, it's time for us to invite all stakeholders to maintain these achievements for a better future. Let us reinforce the energy that we already have to respond to the future challenges so that PEPC keep thriving as a world-class National Oil and Gas company.

President Director PT Pertamina EP Cepu,

Awang Lazuardi



To be a World Class National Oil and Gas Company


    Carry out operations of the Cepu Block oil and gas portfolio by upholding the principles of Good Corporate Governance, HSSE, professional, competitive, and partnerships to produce high financial performance in order to maximize added value to stakeholders.


  • Managed professionally, avoiding conflicts of interest, zero tolerance of bribery, upholding trust and integrity. Based on the principles of good corporate governance.
  • Being able to compete regionally and internationally, boosting growth through investment, establishing of a culture of cost consciousness and rewarding performance.
  • Contributing to national economic development, pioneering the reform of state owned enterprises, and enhancing national pride.
  • Being customer oriented and committed to delivering the best service to customers.
  • Creating commercially oriented added value, taking decisions based on sound business principles.
  • Managed by leaders and employees who are professional and talented with strong technical abilities and who are committed to building research capabilitiy and development.


  • 2005
  • 2006-2009
  • 2011
  • 2012
  • 2013
  • 2014
  • 2016
  • 2017

PT Pertamina EP Cepu (PEPC), which was established on 14 September 2005, is a subsidiary of PT Pertamina (Persero) assigned to perform upstream activities in Mining Working Area (WKP) of oil and gas in Cepu Block covering the Regencies of Bojonegoro and Tuban in the East Java Province and in the Blora Regency in the Central Java Province.

PEPC exists by virtue of the Law No. 22 year 2001 on Oil and Gas and also pursuant to the Government Regulation (PP) No. 31 year 2003 on the Change in the Legal Entity Status of Pertamina into a Persero, in which Pertamina would no longer hold the Mining Authority and thus the legal entity name was changed to PT Pertamina (Persero).

Further, based on Government Regulation No. 35/2004 on Upstream Activities of Oil and Gas, Pertamina's Technical Assistance Contracts (TAC) and Enhanced Oil Recovery (EOR) Contracts are transferred to PT Pertamina (Persero) and the ex-contract areas shall remain part of the working areas of PT Pertamina (Persero). Therefore, the TAC of Cepu Block should have remained to be the working area of PT Pertamina (Persero). However, to accelerate the production of oil and gas, the government issued Government Regulation No. 34/2005 on the Amendment to Government Regulation No. 35/2004 concerning the Upstream Oil and Gas Activities. Accordingly, based on such government regulation, the Cepu Block TAC contract could be altered into a Cooperation Contract (KKS) and was not to be automatically returned as the Mining Working Area (WKP) of Pertamina.

PEPC in Partnership with ExxonMobil and Badan Usaha Milik Daerah (BUMD) Manage the Cepu Block

On 17 September 2005, an agreement was entered for a Cooperation Contract (KKS) of Cepu Block between BPMIGAS on behalf of the Government and the Contractor which was Mobil Cepu Ltd. (MCL) and Ampolex (Cepu) Pte. Ltd. (both are subsidiaries of Exxon Mobil) and PT Pertamina EP Cepu (PEPC) with a contract period of 30 years. The composition of Participating Interest (PI) of each party is 50% MCL and Ampolex and 50% PEPC. The composition of PI was subsequently changed after the signing of a supplementary agreement of KKS on 30 October 2008 and on 26 February 2009 to include four regional government-owned companies (BUMDs) represented by a Cooperation Body as one of the PIs with 10% participating interest. Therefore, the composition of PI became 45% Pertamina EP Cepu, 45% MCL and Ampolex, and 10% BUMD.

To manage the oil gas activities in the Cepu Block KKS, a Joint Operating Agreement (JOA) of the Cepu Block, following a lengthy process, was signed on 15 March 2006 by MCL, Ampolex and PEPC effective retroactively as of 17 September 2005. The JOA also stipulates that MCL is appointed as the Cepu Block Operator.





To get annual report file, please contact:
PT Pertamina EP Cepu


PEPC's Shareholder

As a state-owned company to carry out integrated business core in oil, gas, renewable and new energy based on strong commercial principles both inside and outside the country, PT Pertamina (Persero) strives to provide the best and a real contribution to the welfare of the nation in utilizing every potential of Indonesia. Improvements and innovations in all operations, as demanded by global conditions, are some of Pertamina's commitments in fulfilling its strategic role in the national economy.
The currently proclaimed Renewable Spirit is one proof of Pertamina's commitment in creating alternatives in providing more efficient energy sources which are sustainable and environmentally sound. Given initiatives in harnessing resources and potentials for new and renewable energy sources in addition to its main business, Pertamina has moved forward steadily to actualize its Vision of Becoming a World Class National Energy Company. Currently , Pertamina is the majority shareholder of PT Pertamina EP Cepu (PEPC) with 99% share ownership.
PT Pertamina Pedeve Indonesia is a subsidiary of PT Pertamina ( Persero ) engaged in Venture Capital business. PT Pertamina Pedeve Indonesia establishment was based on Mrs. Sulami Mustafa , SH Notarial Deed No. 9 dated December 30, 2004 approved by the Minister of Law and Human Rights of the Republic of Indonesia through Decree No. C - 03142.HT.01.04.TH.2005 dated February 4 , 2005.
PT Pertamina Pedeve Indonesia obtain a license as a Venture Capital Company from the Ministry Finance of the Republic of Indonesia in accordance with Indonesian Minister of Finance Decree No. 339 / KMK.05 / 2005 dated July 21, 2005. PDV is currently a minority shareholder of PEPC with 1 % share ownership.

Corporate Group Structure


APSA Award Top 4 in Upstream Category - Best Annual Report 2018
September 2019
Apsa Award 2019 Best Upstream - Company's Soundness Level 2018
September 2019
APSA Award Best Upstream - EBITDA Growth 2018
September 2019
APSA Awards Top 3 Upstream Category Best HSSE Achiever 2018
September 2019
ISO 37001 : 2016 Anti Bribery Management System (ABMS)
Desember 2019
Apsa Award 2019 Green Category - Best Implementation of Community Involvement & Development (CID) 2018
September 2019
APSA Award Top 3 in Upstream Category - Best Implementation of Enterprise Risk Management (ERM) 2018
September 2019
PFI Award 2019 - Asia Pasific Oil & Gas Deal of Year
September 2019



Patra Jasa Office Tower, 5,6,7,8 & 13th floors

Jln. Gatot Subroto Kav. 32-34

Jakarta Selatan (12950)


   +62-21-52900 900    Fax: +62-21-52900 597


The Residence - PT. Pertamina EP Cepu

Jl. Raya Bojonegoro Cepu Km. 17, Desa Talok, Kecamatan Kalitidu Kabupaten Bojonegoro





The infrastructure and industrial development activities have led to an energy consumption growth reaching an average of 7% in the past 10 years. Such increase already exceeded the average of the global energy demand.


PT Pertamina EP Cepu (PEPC) is an affiliate (subsidiary) of PT Pertamina (Persero) engaged in the business of upstream oil and gas activities covering exploration, exploitation and production in the Contract Area of the Cepu Block.


Currently the field projects being developed are the Banyu Urip full-field project estimated to produce oil up to 165 KBD, and the Cepu Gas Development Project covering the Unitization of the Jambaran - Tiung Biru fields and the Cendana field.



The Banyu Urip Structure Development is carried out in two stages, i.e. the Early Production stage and the Full Field Development stage. The Early Production stage uses Temporary Production Facilities which started on August 31st, 2009 and ended on January 16th, 2016. The Full Field Development stage is a production stage in full capacity in parallel with the completion of Engineering, Procurement, and Construction (EPC) stage with the commencement of Train A Central Processing Facility (CPF) Startup on December 14th, 2015 and Train B Startup on January 18th, 2016. Then on January 7th, 2017 at the Banyu Urip Field High Rate Test activity was conducted to increase production from 185 MBOPD to more than 200 MBOPD in 2016 by optimizing equipment / unit at the Central Processing Facility (CPF) supported by the Fit - for - Purpose certificate for an installation (SKPI) with a capacity of 220 MBOPD on May 12th, 2017 and by the Environmental Certification Certificate (SKKL & IL) on July 24th, 2017. Since the issuance of SKPI and SKKL & IL the High Rate Test activity ended and operation proceeded as a normal operation activity. Cumulative production up to December 31st, 2017 reached 207.76 MMBO (93.49 MMBO of which is PEPC‘s 45% Share) with an average production in 2017 of 203,522 BOPD (91.585 BOPD of which is PEPC‘s 45% Share).

Building Foundation
for an Aggressive Future Growth


Safety Behaviour

In his statement regarding the HSSE aspect, the President-Director of PERTAMINA EP CEPU (PEPC) underlined that "No job is more important nor more urgent than your safety, the safety of your colleagues, of co-workers and of others".

So that the behavior of all persons which doing business in PEPC prioritizing safe work behavior. To implement PERTAMINA Corporation's HSE Golden Rules consistently, namely COMPLIANCE, CARE and INTERVENTION adds to the belief for all those working in PEPC of a common right and obligation in increasing the safe work culture. PERTAMINA EP CEPU with its slogan for the HSSE management, namely "BECAUSE WE CARE" is coined to ensure a culture of "Safety Behavior" is upheld at all times in all activities because of the active participation of everyone in PEPC's businesses.

Care is born from a deep-seated intention so that prior to undertaking a task, we are required to reflect by asking ourselves whether the principal aspects of HSSE have been considered:

  • Have I understood the safe conditions and the safe way to perform this task?
  • Do I know how to carry out this task in accordance with the procedures?
  • What are the hazards involved in this task?
  • What can be done to eliminate such hazards?
  • Has everything been discussed with the people who have the right to know?

Any doubts will be overcome by asking directly for assistance or explanation from one's respective superior. The PEPC Management are determined to ensure the welfare of its workers and to run its business in a safe, effective and efficient manner. This determination is reflected in the "Stop The Work Policy" which allows anyone to stop work when there is reasonable belief of a violation occurring against the Company's safety standard operation. Unsafe actions and/or conditions and also Nearmiss must be immediately reported. The "PEKA" (Observation of Occupational Safety) card become an effective medias of reporting non-TRIR (Total Recordable Injury Rate) incidents, so that every suggestion will serves to initiate continuous review and improvement of the HSSE aspect that will promote the Company's safe operations and performance.

The management of the HSSE aspect within PEPC refers to an HSSE Management System that is supplemented with more than 70 (seventy) Panduan Kerja Operasional (PKO) or Operation Work Guidance, ready to use as proper knowledge foundation which play an active role, integrated to the Company's operations. PEPC also defines "12 PAS" (Prioritas Akan Selamat) or Priority At Safety, namely an operations priority program dealing with most risky situations in PEPC's business activities requiring endless attention and control.

Safety Behavior is never dissociated from supervisory roles in work execution. Trainings in HSSE competence are continuously organized such as for Ahli Teknik (AT)/Performance Authority, Gas Safety Inspectors (GSI) and Safety Inspectors (SI), demonstrating the roles of supervisors, superintendents and the management are essential to ensure that the supervisory control on work is run in line with the operating standard that suitable with HSSE aspect. The supervisory line of responsibility and the promotion of a safety behavior cascades from the commitment of the Technical Head and Deputy Technical Head Of Mining (Katek and Wakatek Tambang) to the Government by its slogan "Journey to Zero Incident" which among other: "Conduct an endless campaign to employees in order to achieve ZERO INCIDENT in the Upstream Oil and Gas Business Activities".


Environment means the community of workers, the work premises, the surrounding society and nature . PERTAMINA EP CEPU has the commitment to always conduct its operations in a manner that is in harmony with the environment and the interest of the Company in all PEPC's operating areas

A good quality of the workers' communal environment is ensured through supervisory control on the "Fitness to Work".

PEPC's Occupational Health from HSSE department arranges Fitness medical check-ups and monitoring of the workers health periodically. This serves as an effort for early detection of diseases, fatigue and work-related illnesses and ailments due to exposure to certain hazards so that the worker's health condition can be managed and or made to adapt to the conditions of his work environment. The methods of work that carried out and the equipments that used must meet the latest requirement in science and ergonomic application and fitness programs are given by the Company in support of heightening creativity and spirit of the workers in a harmonious working environment.

The Company consistently monitors the quality of the work environment. The standard Industrial Hygiene Program is conducted periodically and continuously so that the requirements of a healthy work environment are met through monitoring, corrections and recommendations on factors of noise, light intensity, room temperature, smells, pests, air quality, housekeeping, etc. Joint cross-function inspections reflect the joint responsibility and care in keeping a comfortable work environment.

One of the points of PEPC's HSSE Policy states that the Company always conducts its business activities under the principle of "Green Operation" and in line with such statement, PEPC President-Director issued an Environmental Policy as commitment for management actions of the Company's business which is also meant to prevent, minimize and mitigate the negative effects on the natural resources and on nature itself and ensure that man-made products on the environment are not hazardous to humans. AMDAL and the Environmental Permits serve as a foundation for the compliance of sustainable management and monitoring (UKL-UPL) in the good coordination between stakeholders that care for the environment through one of their mandatory programs namely the Environmental Audit. The Company also urges the workers to be pro-active in creating, maintaining and developing appropriate technology that is eco-friendly which is daring and accountable and has due accreditation and appreciation in the environmental management.

PEPC is fully aware that in running its businesses it will undeniably come into contact with nature and communities living in the vicinity of the operating areas. Giving due attention, anticipating and controlling the security aspect will ensure integrity of protection of workers, assets, information and reputation of the Company against any potential threats. PEPC holds the principle that human dignity is become the most important. PEPC's Security Policy is implemented in accordance with the Universal Declaration of Human Rights , international and national laws based on the voluntary principle of security and human rights aspects. Social relationship around the operating areas are continuously nurtured, made closer and its harmony maintained. PEPC facilitation in the laws and regulations defined as National Vital Objects (OBVITNAS) applies the best security standard and establishes direct links with the state law enforcers. Security responsibility is created jointly, disseminated and tested in the interest of managing the company's business, the operating area environment and the Unitary State of the Republic of Indonesia.





Social Responsibility

As an enterprise that is engaged in the upstream oil and gas sector, PT Pertamina EP Cepu has the commitment to run accountable operation activities. Through its Corporate Social Responsibility programs, the company strives to contribute to the sustainable building of society, giving an added benefit to all stakeholders in view of supporting company growth.

CSR Principles of Pertamina EP Cepu refers to ISO 26000, namely:

  • Consistency in a sustainable growth and welfare of society
  • Giving due consideration to the stakeholders' expectations
  • Law-abiding and consistent with international norms
  • Integration into business activities

As a subsidiary of PT Pertamina (Persero),PT Pertamina EP Cepu also has a rationale that applies a CSR which is aligned to PT Pertamina (Persero), which, elaborated, is detailed as follows:

  • To grow and nurture a better life together with PT Pertamina EP Cepu (PEPC)
  • To meet the corporate commitment to become a highly-reputable business entity which is run in a professional manner, focused and demonstrating competitive advantage by employing modern world-class technology created from partnership with a world-class corporation and thereby producing added value to the stakeholders, in particular to the shareholders, the customers, employees and the society at large. To perform the corporate responsibilities and to demonstrate social concern towards a sustainable social development.








This policy has to be understood and executed by the Management, all Functions and employees of PT Pertamina EP Cepu and communicated to the stakeholders.


PEPC Wins Zero Accident K3 Award from the governor of East Java
Surabaya - PT Pertamina EP Cepu (PEPC) won the Zero Accident Occupational Health and Safety (K3) award. This award was given directly by the Governor of East Java (East Java), Khofifah Indar Parawansa in a grand apple at the SIER Industrial Soccer Field, Rungkut, Surabaya...
Jambaran-Tiung Biru get awards from Project Finance International
PT Pertamina EP Cepu (PEPC), a subsidiary of PT Pertamina (Persero) received a prestigious international award from Project Financing International (PFI) at the 2019 PFI Award some time ago in London, England. At the event, the award held by PFI named PEPC as Asia Pasific Oil & Gas, Deal of the Year...
Preventing CoVD-19 Spread, PEPC Sprayed Disinfectant to JTB Project Area
Bojonegoro (21/03/2020) – The preventing action against Corona Virus spreading has been creating an intense issue for PT Pertamina EP Cepu. The company urged to do disinfectant spraying to its premises. This could be seen in many office areas, such as the head office in Jakarta, Patra Jasa Office, the field office in Bojonegoro, and EPC Gas Processing Facility (GPF) as well...
PEPC Management Walktrough in COVID-19 Pandemic
Bojonegoro 904/05) – In the middle of COVID-19 pandemic situation, which has limited each movement, the PT Pertamina EP Cepu (PEPC) shows its positive work progress towards Jambaran – Tiung Biru Unitization Field Gas Project. The company’s management held Management Walkthrough (MWT) to Gas Processing Facility (GPF) construction area and Drilling operations area in Bojonegoro, East Jawa...
One More Step PEPC Completes Drilling of All Gas Wells
Bojonegoro (15/06) - The Progress of the Jambaran-Tiung Biru (JTB) Gas Field Development Project in Bojonegoro managed by PT Pertamina EP Cepu (PEPC) is increasingly showing significant achievements. Even though the conditions are classified as difficult, starting from the world price of crude oil which is down to the health crisis that is affecting the whole world more or less indeed has an impact on the work of this National Strategic Project (PSN), but thanks to diligent efforts, hard work and measurable and follow the protocol health, management and all PEPC workers can be passed...
During the Pandemic Period, PEPC Again Received an Award from the Indonesian Minister of Manpower
Jakarta - PT Pertamina EP Cepu (PEPC), as the executor of the Jambaran Tiung Biru (JTB) Unitized Gas Field development project, again received an award from the Minister of Manpower of the Republic of Indonesia, Ida Fauziyah during the K3 Award 2020 Awarding moment in Jakarta at Thursday (8/10)...
PEPC Participates to Increase Emergency Response Vigilance in Purwosari
Bojonegoro - Disasters, both natural disasters and non-natural disasters, are serious problems that must be faced by the Indonesian people, including residents in Bojonegoro. Disasters can happen at any time, and always in an unprepared situation. Starting from fires, earthquakes, flash floods, to what Indonesia is currently facing, namely non-natural disasters, pandemics, aka medical disasters...

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