Pertamina EP Cepu books $33.6m profit last year

By Bernard Loebs

PT Pertamina EP Cepu (PEPC), the subsidiary of state owned oil and gas firm PT Pertamina (Persero) assigned to handle its interest in Cepu block, booked an audited net profit of US$33.6 million last year, higher compared to target set in the firm?s Work Program and Budget (WP&B).

Last year, the firm booked a net profit of $27.9 million, according to PEPC?s President Director Amril Thalib Mandailing.

PEPC jointly operates the Banyu Urip field in Cepu block together with Mobil Cepu Limited (MCL), a subsidiary of American firm ExxonMobil with each of them having 45 percent interest.

Amril said a total of 15 wells were drilled at Banyu Urip last year, as against 13 wells targeted at WP&B.

PEPC and MCL managed to increase the production of Banyu Urip EPF (Early Production Facilities) from 22,000 bopd to 28,000 bopd. The field produced a total of 36 million barrels of oil last year with PEPC collecting a net production share of 16.2 million barrels.

No fatalities were recorded at the field throughout the last year, according to Amril.

Besides, PEPC is the operator of the Jambaran-Tiung Biru-Cendana unitized fields, also part of Cepu block. The unitization field project worth $3.29 million is expected to come onstream between 2017-2018, according to reports. Amril said 100 mmscfd of gas from the fields has been allocated to Pertamina. The PSC on the unitization field has been modified from 85:15 to 60:40 with approval from the Ministry of Energy and Mineral Resources.

Editing by Johannes Simbolon