2018 Positive Performance, PT Pertamina EP Cepu Earns US$ 827.77 million Net Profit

JAKARTA — Pertamina EP Cepu (PT Pertamina EP Cepu) in the 2018 financial year managed to record a net profit of US$ 827.77 million or an increase of 125% compared to 2017’s profit of US$ 662.2 million. This is the biggest milestone for PT Pertamina EP Cepu, making PT Pertamina EP Cepu the first largest profit contributor within Pertamina’s Upstream Subsidiary (APH).

This achievement was revealed at the Town Hall Meeting and Relay Video Conference which was held at PT Pertamina EP Cepu Headquarters, Jakarta, on (14/1/2019). The event was attended by PT Pertamina EP Cepu President Commissioner (Komut) Gandhi Sriwidodo, PT Pertamina EP Cepu President Director Jamsaton Nababan, as well as the board of directors, management, and workers within PT Pertamina EP Cepu.

Jamsaton revealed, PT Pertamina EP Cepu as the holder of 45% Participating Interest from the Banyu Urip Field (LBU) explained that the net profit was achieved partly because LBU’s performance had exceeded the 2018 production target with an average production of 208.8 MBOPD and a total production of 283.97 MMBO until the third quarter of 2018.

Jamsaton further explained that PT Pertamina EP Cepu’s achievement was in line with the increase in HSSE (Health-Safety-Security-Environment) performance which achieved 3,361,558 Safe Working Hours.

“The company was also declared very healthy because PT Pertamina EP Cepu obtained an AAA score, and this has exceeded the set target. In the future, I hope that we will be more solid for one goal so that this achievement can be maintained and improved in 2019,” he added.

PT Pertamina EP Cepu also still has the opportunity to manage the sub surface (reserves) located in the Cendana, Alas Tua West, and Alas Tua East fields.

PT Pertamina EP Cepu President Commissioner Gandhi Sriwidodo expressed his appreciation for PT Pertamina EP Cepu’s growing performance from year to year. According to Gandhi, PT Pertamina (Persero) and all of its subsidiaries are vulnerable to external dynamics, the increase and decrease in world oil prices will have a direct impact on the company’s profit.

“Therefore, to all leaders at PT Pertamina EP Cepu, starting from the Board of Directors, VP, and Managers, or Supervisors, and all prospective leaders to be able to identify existing problems so that we can continue to exist,” he appealed.

This event was also filled with the presentation of the 2018 work evaluation and 2019 work plan. Desandri, as the Director of Business Support had the opportunity to explain the production and profit achievements in 2018 and the production and profit targets for 2019. According to Desandri, the most important emphasis includes three things, namely increasing and maintaining BU oil production, focus on developing JTB projects that are on time, on spec, on target, so that economic value is maintained, and project financing is expected to be completed in April 2019.

The General Manager of the JTB project, Bob Wikan H. Adibrata also gave a brief explanation explaining that the JTB project has four main jobs, namely: land acquisition, Early Civil Work, drilling, and EC-GPF.

“In 2019, two main jobs remain, namely drilling and continuing with EPC-GPF. For drilling, the challenge is to immediately complete rig contracts, contracts for services, and immediately issue purchase orders (PO). For EPC-GPF, we will continue with the challenge of the increasing number of workers and they are required to be safe,” explained Wikan.

The 2019 work program presentation was also delivered by the Production Engineering Manager, Adi FM Ringoringo; VP Production, Harkomoyo; VP Project Management, Tonni Ramelan; VP Legal & Relations, Whisnu Bahriansyah; and VP People Human Capital & Services, Ferry Bagdja.

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