PEPC reports 45% jump in net profit

PT Pertamina EP Cepu (PEPC), a subsidiary of state-owned oil and gas firm PT Pertamina, said that net profit (unaudited) last year increased by 45 percent to US$159.6 million from $109.7 million in the previous year.

The company said in a statement obtained Monday that the 2015 net profit was five percent higher than the target set earlier in the year. ?Although production was slightly lower than what we targeted, in terms of financial performance, all have been met,? said PEPC President Director Adriansyah said in the statement, but did not provide further details about the company?s financial performance.

PEPC is the operator of the Jambaran and Tiung Biru gas fields located in Central Java.

The Jambaran field is located within the Cepu block, which is currently operated by ExxonMobil Indonesia's unit ExxonMobil Cepu Limited ( EMCL ) that holds a 45 percent interest in the block.

PEPC holds another 45 percent of the Cepu block while the remaining 10 percent is owned by the Cepu Block Cooperation Bodies, which consist of locally owned companies run by the administrations of Blora regency, Bojonegoro regency, East Java province and Central Java province.

Meanwhile, Tiung Biru field is located inside Pertamina's operation area adjacent to the Cepu block. PEPC and EMCL agreed to combine the two fields in September 2012.

Editing by Reiner Simanjuntak