JAKARTA – Beginning in 2019, PT Pertamina EP Cepu (PT Pertamina EP Cepu) as the holder of 45% Participating Interest from the Banyu Urip Field as well as the Sole Operator of the Jambaran-Tiung Biru (JTB) national strategic project again carved out milestones. The Banyu Urip field has 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.
“The average production of Banyu Urip rose 104% from the RKAP both for production at 208.8 MBOPD and lifting at 207.4 MBOPD,” said Jamsaton Nababan, PT Pertamina EP Cepu President Director who was present as one of the speakers at the Upstream Media Workshop located at the Main Office of PT Pertamina ( Persero), Jakarta January 17, 2019. “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 throughout 2018,” said Jamsaton.
On this occasion, Jamsaton also said that in the 2018 financial year, PT Pertamina EP Cepu managed to record a net profit of US$ 827.77 million, 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).
“In 2018, PT Pertamina EP Cepu’s performance was very good. The company also received an AAA (unaudited) health point, the highest point for the company’s health. These are all achievements that can encourage the spirit of PT Pertamina EP Cepu people to be even better in 2018,” said Jamsaton.
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. 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 GPF to be built uses technology and is designed to be operationally reliable and environmentally friendly for 25 years of production
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.
The JTB project is projected to increase state revenue by US$ 2.09 billion until the PSC profit sharing contract expires in 2035. “We ensure that every achievement will be carried out with the principles, on time, on budget on schedule, on safety, on return and on time. regulations,” concluded Jamsaton.