PT Pertamina EP Cepu Profile

PT Pertamina EP Cepu (PEPC) as an Upstream Subsidiary of PT Pertamina (Persero) is engaged in upstream oil and gas business activities with a mining working area in the Cepu Block. PEPC cooperates with its partners, namely Exxon Mobil Cepu Limited and BKS PI Cepu Block to jointly manage and explore oil and gas potential in the region. The potential reserves of the Banyu Urip Field are around 823 Million Barrels of Oil and the Jambaran – TiungBiru (JTB) Unitization Field of 1.5 TCF of Gas. In 2019, PEPC’s oil production did not only come from the Banyu Urip Field, but also from the Kedung Keris Field which has been operating since November 2019.

In carrying out its Operational activities, the Health, Safety, Security Environment (HSSE) aspect has always been the most important thing that has become a concern for PEPC where PEPC will always take care to reduce the number of work accidents to zero accidents. This achievement is supported by a strong commitment from all stakeholders to implement aspects of occupational health, safety and security, in line with the tagline “Spirit to Zero Accident, We Choose to Work Safely”.

PEPC feels the success of the transformation is becoming more evident, in addition to the ability to manage PEPC’s role as an active partner in the Cepu Block with partners, namely Exxon Mobil Cepu Ltd. (EMCL), Ampolex Pte Ltd. (both are subsidiaries of Exxon Mobil Corp.) and Regional Owned Enterprises (BUMD) to accelerate oil and gas production through the Early Production Facility (EPF) approach, while increasing production through the application of the latest technology. And now PEPC has been appointed as the Jambaran and Tiung Biru Unitization Field Operators with the agreement of the KKKS WK (Working Area Cooperation Contract Contractor) Block PT Pertamina EP (PEP) and KKKS WK (Working Area Cooperation Contract Contractor) Cepu Block has entered into a Unitization Agreement/ Unitization Agreement (UA) signed on September 14, 2012.

PEPC became a subsidiary of PT Pertamina (Persero) which was the first to obtain funding assistance from external parties in the form of project financing. Project funding is PEPC’s success in managing Pertamina’s upstream assets with international standards, thus earning the trust of a consortium of 12 national and international financial institutions.

The success in Project Financing led PEPC to get 2 International awards at once in 2019, the first was the award from the Project Financing International Award 2019 for the “Deal of The Year 2019” category for financing No. 1 of USD 1.8 Billion which is awardfor the conventional project funding category in Southeast Asia for its success in obtaining substantial funds.

The second is the award from the Islamic Finance News Award 2019 for the “Best Country Deal of the Year” category which was obtained from Dubai. This funding project obtained by PEPC is the first project that combines two types of funding, namely conventional and sharia funding.

In 2020, Pertamina as a Holding Company made major changes in order to realize the aspiration to become a leading global energy company with a market value of US$100 billion and as part of Pertamina, the transformation of operating and organizational models is also carried out in its Subsidiaries, especially in the Upstream sector which is part of the Upstream Subholding. .

This change aims to create an organization that is Lean, Agile and Efficient, so as to improve operational excellence, competitiveness and capability of Subholding Upstream and become the best company in the upstream oil and gas industry. The current challenges require Upstream Subholding to have an organization that is capable of running, accelerating business development and opening up opportunities to increase the flexibility of partnerships and funding. Transformation is also carried out to reform the organization, work culture, mindsetand talent as well as carry out the mandate to accelerate the country’s energy sovereignty.

With the joining of 5 (five) upstream companies in Pertamina, namely Pertamina Hulu Rokan (PHR), Pertamina EP (PEP), Pertamina Hulu Indonesia (PHI), Pertamina EP Cepu (PEPC), Pertamina International EP (PIEP) and 2 companies engaged in supporting upstream oil and gas, namely Pertamina Drilling Services Indonesia (PDSI) and Elnusa, and led by Pertamina Hulu Energi (PHE), will accelerate synergy and collaboration and encourage innovation in various fields. This will certainly have an effect on performance and will ultimately generate profitsfor mutual prosperity.

5 Upstream Oil and Gas Companies consisting of Pertamina Hulu Rokan (PHR), Pertamina EP (PEP), Pertamina Hulu Indonesia (PHI), Pertamina EP Cepu (PEPC), Pertamina International EP (PIEP) are assigned to lead the Pertamina Upstream Sector Work Area which is divided into 5 Regions, namely: