Pertamina EP Cepu (PEPC) is part of Subholding Upstream Pertamina which is engaged in oil and gas industry activities including Exploration and Exploitation as well as sales of oil and gas production.
PEPC was formed based on the laws of the Republic of Indonesia which is the embodiment of the strategy for managing upstream oil and gas activities on September 14, 2005, which was ratified through the Minister of Law and Human Rights in Decree No. C-26131HT.01.01. September 21, 2005. 2005 was also a milestone with the signing of the Cepu Block Production Sharing Contract (PSC).
PEPC feels the success of the transformation is becoming more evident and acts as an active partner in the Cepu Block with Exxon Mobil Cepu Ltd. (EMCL), Ampolex Pte Ltd and Regional Owned Enterprises (BUMD) in accelerating oil and gas production through the Early Production Facility (EPF) approach in the Banyu Urip field in 2009.
In 2012, PEPC was appointed as the Jambaran and Tiung Biru Unitization Field Operator on the agreement of the Working Area Cooperation Contract Contractor (KKKS WK) PT Pertamina EP Block (PEP) and KKKS WK Cepu Block with the signing of the Unitization Agreement (UA) / Unitization Operation Agreement ( UOA) Jambaran – Tiung Biru (JTB) Unitization Field Gas Project.
In 2019, PEPC became a subsidiary of PT Pertamina (Persero) which received funding assistance from external parties for the first time 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.
Success in Project Financing led PEPC to get 2 International awards at once. First, the 2019 International Project Financing Award for the “Deal of The Year 2019” category for financing No. 1 amounting to USD 1.8 billion which is an award for the conventional project funding category in Southeast Asia for its success in getting a large enough fund.
The two Islamic Finance News Award 2019 awards for the “Best Country Deal of the Year” category, in Dubai because this project is the first to combine two types of funding, namely conventional and Islamic funding.
The year 2020 is an important milestone for all upstream industries under Pertamina (Persero). Changes in order to make Pertamina a leading Global Energy Company, a transformation of operating and organizational models was carried out, including PEPC which is now part of Pertamina’s Upstream Subholding. These changes encourage the creation of organizations that Lean, Agile andEfficient, so as to improve operational excellence, competitivenessand capability of Upstream Subholding to become the best company in the upstream oil and gas industry.
After the transformation, PEPC became Regional 4 East Indonesia which manages 14 Company Entities and is divided into 4 Zones that stretch from Eastern Java, Sulawesi to Papua.
The entities incorporated in Regional 4 of Eastern Indonesia are PT Pertamina EP Cepu (PEPC), PT Pertamina EP (Cepu Field, Sukowati Field, Poleng Field, Donggi Matindok Field and Papua Field), PT Pertamina EP Cepu Alas Dara Kemuning (PEPC ADK), PT Pertamina Hulu Energi West Madura Offshore (PHE WMO), PT Pertamina Hulu Energi Tuban East Java (PHE TEJ), PT Pertamina Hulu Energi Tuban (PHE Tuban), PT Pertamina Hulu Energi Randugunting, PHE Tomori Sulawesi which carried out the Joint Operating Body (PHE) operation. JOB), PT Pertamina Hulu Energi Makassar Strait, PT Pertamina Hulu Energi Salawati, PT Pertamina Hulu Energi Salawati Basin, PT Pertamina Hulu Energi Semai II, PT Pertamina Hulu Energi Babar Selaru and one downstream entity in the form of a joint venture, namely PT Donggi Senoro LNG