Pertamina EP Cepu Earns Profit from Largest Subsidiary

JAKARTA – The 2018 Annual General Meeting of Shareholders was held by PT Pertamina EP Cepu. The 2018 financial year net profit was recorded at US$ 842.4 million or more than Rp 12 trillion from total revenue of US$ 1,779 million in 2018. This figure shows an increase of 27% compared to 2017 net profit of US$ 662.2 million. . This achievement places PT Pertamina EP Cepu (PT Pertamina EP Cepu) as the first largest profit contributor in Pertamina’s Subsidiaries as well as in PT Pertamina EP Cepu’s history with AAA health points, the highest points for company health.

The 2018 Annual General Meeting of Shareholders, which was held at the PT PT Pertamina EP Cepu Office, Patrajasa Building, Jakarta, was attended by shareholders from PT Pertamina (Persero) and PT Pertamina Pedeve Indonesia. From PT Pertamina (Persero) represented by Panji Sumirat while PT Pertamina Pedeve Indonesia was represented by Sjahril Samad. Also attended by PT Pertamina EP Cepu Commissioners, Gandhi Sriwidodo, and Ricky Adi Wibowo, as well as the Board of Directors, namely President Director Jamsaton Nababan, Business Support Director Desandri, Development Director Taufik Adityawarman and Operations Director Achmad Zaidy.

President Director of PT Pertamina EP Cepu Jamsaton Nababan said shareholders were very satisfied with PT Pertamina EP Cepu’s performance in 2018 and hoped that 2019 could be further improved.

“The shareholders are basically satisfied with the performance we have achieved. The directive is that the success in 2018 can be maintained and further improved for the financial aspect, HSSE which is quite good, including in production performance,” he said after the GMS, on Wednesday (15/5/2019) ).

In addition to posting the largest profit, the realization of PT Pertamina EP Cepu production in 2018 has increased to reach 103.7% of the target. 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.

Jamsaton Nababan is optimistic that in 2019 PT Pertamina EP Cepu will work better, he is also confident that PT Pertamina EP Cepu workers will achieve better performance targets.

“We have the 2019 RKAP and the target is above 2018. We are optimistic that we can exceed the target that has been set. Because in the first quarter all of the parameters have been above the target. We are confident that the performance of all PT Pertamina EP Cepu workers will achieve the target and even exceed the target,” he concluded.

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