Exceeding Rp 12 Trillion, Pertamina EP Cepu Books the Highest Profit in History

Jakarta (17/5) – Another achievement, PT Pertamina EP Cepu, a subsidiary of PT Pertamina (Persero) recorded a net profit of US$ 842.4 million or more than Rp 12 Trillion from a total revenue of US$ 1,779 million in 2018. This figure shows an increase of 27% compared to the 2017 net profit of US$ 662.2 million.

Met at the 2018 Annual General Meeting of Shareholders, the President Director of PT Pertamina EP Cepu, Jamsaton Nababan, said that this placed Pertamina EP Cepu as the first largest profit contributor in Pertamina’s Subsidiaries. The GMS was chaired by the President Commissioner of PT Pertamina EP Cepu, Gandhi Sriwidodo and also attended by the Majority Shareholder of PT Pertamina EP Cepu namely PT Pertamina (Persero) represented by Panji Sumirat, Minority Shareholder of PT Pertamina EP Cepu namely PT Pertamina Pedeve Indonesia represented by Sjahril Samad.

“In 2018, PT Pertamina EP Cepu’s performance was very good. The company also received AAA health points, the highest points for company health. These are all achievements that can encourage the spirit of PT Pertamina EP Cepu people to be even better in 2019,” said Jamsaton Nababan.

In addition to posting the largest profit, the realization of PT Pertamina EP Cepu production in 2018 has increased. “Production realization reached 103.7% of the target due to the successful application of adding a crude cooling system,” said Jamsaton Nababan. In addition, the realization of Lifting reached 104.3% of the target due to the optimization of lifting by minimizing the inventory of Gagak Rimang FSO. The Banyu Urip field, which accounts for 30% of national oil production, has exceeded the 2018 production target with an average production of 208.8 MBOPD and a total production of 76.21 MMBO in 2018.

“The average production of Banyu Urip rose 104% from the RKAP both for production at 208.8 MBOPD and lifting at 209.3 MBOPD,” said Jamsaton Nababan. “This achievement is in line with the increase in HSSE performance where PT Pertamina EP Cepu managed to achieve 3,361,558 Happy Working Hours,” said Jamsaton Nababan.

Besides Banyu Urip Field, the Jambaran-Tiung Biru (JTB) Project which is managed by PT Pertamina EP Cepu and is one of the National Strategic Projects (PSN) is also running on track. After completing Early Civil Work 100% in 2018, early January 2019, PT Pertamina EP Cepu conducted the installation of the Initial EPC Gas Processing Facilities (GPF) in Bojonegoro and is currently preparing for the drilling process. The GPF EPC project functions to produce gas and condensate from the Jambaran-Tiung Biru Unitization Field with an average raw gas production of 315 MMSCFD and an onstream/commercial gas target in 2021 with gas sales of 192 MMSCFD.

The gas production of 192 MMSCFD will later be channeled through the Gresik-Semarang transmission pipeline. With JTB gas reserves of 2.5 trillion cubic feet (TCF), JTB is expected to provide a multiplier effect, especially to overcome the gas supply deficit in Central and East Java. “In 2019, PT Pertamina EP Cepu has prepared performance targets to support energy independence and welcome strategic energy diversification, including through JTB gas production which is targeted to operate in 2021,” said Jamsaton Nababan. “We make sure that every achievement will be carried out with the principle, on time, on budget, on schedule, on safety, on return, and on regulations,” concluded Jamsaton Nababan.

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