PT Pertamina EP Cepu Books US$ 662.2 Million Net Profit

JAKARTA – PT Pertamina EP Cepu (PT Pertamina EP Cepu) held a General Meeting of Shareholders (GMS) on the 5th floor, Pertamina EP Cepu Head Office, Jakarta, on Wednesday (21/3/2018). The GMS was attended by Upstream Director of PT Pertamina (Persero) Syamsu Alam as proxy/major shareholder of PT Pertamina EP Cepu, Director of Finance and Investment of PT Pertamina PEDEVE Indonesia Muhammad Suryohadi as minority shareholder, Ardhy N. Mokobombang as President Commissioner of PT Pertamina EP Cepu, Meidawati, Toto Nugroho P. , Iwan Faidi as Commissioner of PT Pertamina EP Cepu, Jamsaton Nababan as President Director of PT Pertamina EP Cepu, Desandri as Director of PT Pertamina EP Cepu Business Support, team from SJV Pertamina (Persero), notary and legal team.

On this occasion, Jamsaton Nababan revealed, for the 2017 fiscal year, PT Pertamina EP Cepu managed to record a net profit of US$ 662.2 million, an increase of 197% compared to 2016’s profit of US$ 222.7 million. This is the biggest milestone for PT Pertamina EP Cepu, making PT Pertamina EP Cepu the first largest profit contributor in the Upstream Subsidiary (APH).

“In 2017, 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 2018,” said Jamsaton.

In addition, PT Pertamina EP Cepu has also succeeded in increasing oil production in the Banyu Urip Field from the average production in 2016 of 171,107 BOPD to 203,521 BOPD, the average production in 2017.

The main focus of PT Pertamina EP Cepu in 2018 is achieving the production target of the Banyu Urip Field and the Implementation of the Jambaran Tiung Biru Unitization Field Gas Development Project, especially for the EPC Gas Processing Facilities (GPF).

According to Jamsaton, last year’s performance can be used as a reference in order to maintain and improve these achievements. “This is a challenge for us together. Not only production, but also lifting problems because we only have one lifting point at Gagak Rimang. With increasing lifting activities, the risk also increases, for example bad weather,” he said.

The second challenge is the JTB project to be able to go on-stream in 2021 and be able to maintain its economic value and meet the needs of Industrial Gas in East Java and Central Java.

“I hope PT Pertamina EP Cepu will work even harder, be more solid. We work hand in hand. So that the target from the company to PT Pertamina EP Cepu can be achieved, we can contribute to Persero as much as possible,” he concluded.

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