Pertamina EP Cepu Net Profit Increases 197 Percent in 2017

INDUSTRY.co.id - Jakarta -  In 2017, PT Pertamina EP Cepu (PEPC) booked a net profit of US $ 662.2 million, an increase of 197% compared to 2016 profit of US $ 222.7 million.

This was revealed by PEPC President Director Jamsaton Nababan at the General Meeting of Shareholders (AGM) at Pertamina EP Head Office Cepu, Jakarta, on Wednesday (21/3/2018).

It also became the largest milestone for PEPC, making PEPC the first largest profit contributor in the upstream subsidiary (APH).

"In 2017, PEPC's performance is very good, the company also gets AAA's health point, the highest point for corporate health, it's an achievement that will encourage PEPC's spirit to be even better in 2018," Jamsaton said.

In addition, PEPC also succeeded in increasing the Banyu Urip Field oil production from the average production of 2016 by 171,107 BOPD to 203,521 BOPD production averages by 2017.

The main focus of PEPC in 2018 is the achievement of the Banyu Urip Field production target and the implementation of the Field Gas Development Project of the Unitization of Tiung Biru Field, especially for EPC Gas Processing Facilities (GPF).

According to Jamsaton, the performance of last year could be a reference in order to maintain and improve the achievement. "This is our joint challenge, not just production, but also lifting problem because we only have one lifting point in Gagak Rimang, with increasing lifting activies, the risks are also increasing, such as bad weather," he said.

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

"My hope PEPC will work harder, more solid, we work together, so target target from Persero to PEPC can be achieved, we can donate to the Persero as much as possible," he concluded.