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COMPANY PROFILE

COMPANY PROFILE EP COMPANY PROFILE

EP COMPANY PROFILE

foreword

PT PERTAMINA EP or PEP is one of the most prominent oil and gas producers in Indonesia, will strive to put its best efforts in undertaking the nation’s duty to fulfilling the needs of Indonesia’s community at large.

With endless waves of passionate enthusiasm, PEP commits to constantly increase its exploration and production undertakings through proper implementation of Good Corporate Governance to achieve the desired-end-state, ‘PEP WORLD CLASS’.

messagefrommanagement

When PT Pertamina EP began its transformation journey in 2006, Indonesia’s economic situation was remarkably motivating. The year was decorated with various records of success, yet also painted with numerous challenges that made us more experienced in managing the company.

At early 2006, the country still experienced a carry-over economic burden from the previous year due to oil price increase, which in turn resulted in higher prices. All the while, non-fundamental factors such as geopolitics and market speculation conspired in soaring global oil price trend. Thus, oil and gas industry has continued to appear very prospeting and optimistic in nature.

It was within such situation that Pertamina EP sets its transformation pace in motion. The transformation program was designed to resolve technical problems and simultaneously answer the socially situational pressures.

With average production growth of 6-7 percent in the past three years, we have high optimism to continue growing and answering both government and people’s challenges to escalate our national oil and gas production.

challenges to escalate our national oil and gas production. Tri Siwindono (President Director) EP COMPANY PROFILE

Tri Siwindono

(President Director)

vision

In becoming the foremost oil and gas producer, PT PERTAMINA EP (PEP) has split its visionary aspirations into a three-year strategic planning period, each of which is aiming to become: ”Respectable Cost Cost-Effective and Efficient Oil & Gas Producer” (for 2006-2008), ”Number 1 Oil & Gas Producer in Indonesia” (2009-2011) and ”PEP World Class” (2012-2014).

mission

While reaching the set objective, PEP consistently strives to run the oil and gas business efficiently, effectively, and within a safe and healthy environment, thus increasing value for the stakeholders.

corevalues

Highly respecting the corporate ethical values throughout our behavior.

It has been PEP commitment to constantly foster standard ethical behavior and to implement professional business ethics throughout internal and external interactions. Such behavioral sandards, that we call core corporate values, have been perceived as fundamental as well as strong groundwork of a continuous relationship with the stakeholders. The values consist of focus, integrity, visionary, excellence, mutual respect, good corporate governance, optimization, personal quality, empowerment, peerless shareholder value and proper HSE.

ourmilestone

10 december

1957

Establishment of PT Perusahan Minyak Nasional (PERMINA).

20 August

1968

PERMINA merged with PERTAMIN into PERTAMINA.

year of

2001

Government issued Oil and Gas Law No. 22 Year 2001.

17 September

2003

The signing of Coorperation Contract between PT PERTAMINA (Persero) and BP MIGAS on all Oil and Gas Mining Authority Zone.

13 September

2005

The establishment of Pertamina EP.

17 September

2005

The Signing of Coorperation Contract that established PERTAMINA EP working areas

Business wise, the voyage of Pertamina EP is interrelated with its mother company, PT Pertamina (Persero). In harmony with global and national oil and gas industry dynamics, PT Pertamina (Persero) has undergone several changes in name and status. It started with the establishment of PERMINA in 1957, which \turned into PERTAMINA after merging with PERTAMIN in 1968. In 1971, the government issued Law No. 8 that positioned PERTAMINA as state-owned oil and gas company.

As oil and gas environment continues to shift, the government responded by issuing Oil and Gas Law No. 22 Year 2001 which altered the status of PERTAMINA into a State-Owned Enterprise, which renamed PT Pertamina (Persero), with separate Directorates for the upstream and downstream businesses. The law also urged PT Pertamina (Persero)

to establish separate business subsidiaries so that the business of exploration, exploitation and production of oil and gas become more managable.

It was on such ground that Pertamina EP was established on 13 September 2005. Then on 17 September 2005 PT Pertamina (Persero) signed a Production Sharing Contract (PSC) with BPMIGAS, governing all oil and gas mining areas accordingly. Eventually, majority of those areas became Pertamina EP’s working areas, including those previously managed by PT Pertamina (Persero) through Technical Assistance Contract (TAC) and Joint Operating Body Enhanced Oil Recovery (JOB EOR).

businessfocus

PEP strives to transcend maximum efforts and synergy throughout all levels of the organizationin order to achieve excellent outcomeat the end of the day.

corebusiness

PT Pertamina EP (PEP) is an operating subsidiary business unit that focuses on managing the upstream oil and gas production through a more manageable exploration and exploitation activities. Adding to that, PEP has been undertaking other supporting businesses, which have been intended to back up the main business directly or indirectly.

Soon after its establishment on 13 September 2005, PEP has been dedicating to undergo its core business with strong commitment, to work hard and be productive, have motivated PEP in elevating Indonesia’s position as a net oil importer. Consequently, PEP has strived to constantly increase the oil and gas production capacity, to which its daily capacity of production

indicate 120 thousand of barrels oil per day (BOPD) and 1,000 million standard cubic feet per day (MMSCFD) of gas.

Supported with the above capacity of oil production, PEP feels confident to reach the raw oil production targeted by the government for export. Meanwhile, PEP’s gas production is fully produced to support domestic industry needs, as part of PEP’s contribution to add to Indonesia’s competitive advantages within the industry.

The following illustrates PEP’s production of oil and gas: 1200 1000 800 600 400 200
The following illustrates PEP’s production of oil and gas:
1200
1000
800
600
400
200
0
year 2005
year 2006
year 2007
year 2008
1030
900
980
785
1100
870
1120
1007

legend:

oil2008 1030 900 980 785 1100 870 1120 1007 legend: gas The following illustrates PEP’s top

gas2008 1030 900 980 785 1100 870 1120 1007 legend: oil The following illustrates PEP’s top

The following illustrates PEP’s top 10 oil and gas producer:

490.879

118.91

83.119

76.854

48.441

45.673

41.898

38.863

28.941

23.627

Chevron Pacific Indonesia Pertamina + JOB + TAC ConocoPhillips Ltd. To tal PetroChina Int. Ind.
Chevron Pacific Indonesia
Pertamina + JOB + TAC
ConocoPhillips Ltd.
To tal
PetroChina Int. Ind. Ltd.
CNOOC (SES) B. V.
Medco E & P Indonesia
Chevron Indonesia Company
BOB Bumi Siak Pusako
Pertamina Hulu
BP Indonesia
0
100
200
300
400
500

To p 10 Oil Producer

In accordance with the Technical Assistance Contract (TAC) and Joint Operating Body Enhanced Oil Recovery (JOB EOR), PEP’s

2554.32

1070.77

1031.99

747.88

494.06

287.24

285.99

170.61

150.91

123.53

To ta l Pertamina ConocoPhillips Ltd. ExxonMobil Oil Indonesia Vico PetroChina Int. Ind. Ltd. Chevron
To ta l
Pertamina
ConocoPhillips Ltd.
ExxonMobil Oil Indonesia
Vico
PetroChina Int. Ind. Ltd.
Chevron Indonesia Company
CNOOC (SE) B. V.
Premier Oil
Medco E & P Indonesia
0
500
1000
1500
2000
2500
3000

To p 10 Gas Producer

working areas, respectively; all stretched from Sabang to Merauke as marked on the following operation map:

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EP COMPANY PROFILE

NORTHERN SUMATRA BLOCK UDANG BLOCK TARAKAN BUNYU BLOCK SANGATTA BLOCK SANGA SANGA BLOCK LIRIK BLOCK
NORTHERN SUMATRA
BLOCK UDANG
BLOCK TARAKAN BUNYU
BLOCK SANGATTA
BLOCK SANGA SANGA
BLOCK LIRIK
BLOCK SORONG
BLOCK TANJUNG
BLOCK JAMBI
CENTRAL SUMATRA
BLOCK MATINDOK
BLOCK TIMOFORO
BLOCK KAMUNDAN & WIRIAGAR
SOUTHERN SUMATRA
WESTERN JAVA
EASTERN JAVA
 

SUMATRA

EASTERN INDONESIA

01

Perlak

01 Sanga-sanga

02

NAD Area

02 Sangatta

03

West Sakakemang

03 Bunyu

04

East Sakakemang

04 Matindok

05

Kluang Siarak Area

05 Sele

06

Suban

06 Klamono

07

Southern Sumatera Area

07 Timoforo Area

08

Udang

08 Wiriagar

 

09 Kemundan

JAVA 01 Lapisan L. Parigi 02 X-Ray 03 Jabati Area 04 Western Java
JAVA
01 Lapisan L. Parigi
02 X-Ray
03 Jabati Area
04 Western Java
 

UBEP

01

Lirik

02

Jambi

03

Limau

04

Benakat

05

Tanjung

06

Sangasanga & Tarakan

At this stage, PEP owns four main backbone fields for their high production capacity. As a consequence, any impacts resulted from those fields will eventually affect the whole PEP production. The four working fields are Tambun, Limau, Sukowati and Poleng.

Capacity wise, total production of Tambun field is 14,000 BOPD, Limau field is 8,000 BOPD; Sukowati field is 19,000 BOPD, and Poleng field is 8,500 BOPD. In total, all the four main fields contribute 49,500 BOPD or 40 percent of the targeted 125,000 BOPD.

PEP is the only one amongst five major Cooperation Contractors who is confident to attain 2008 oil and gas production target set by the government.

marketposition

PEP aims to be the number one oil and gas producer in Indonesia in 2011, by optimizing its largest oil and gas reserve.

Today, PEP is the second biggest oil and gas producer in Indonesia, with its total oil and gas production has reached 400,000 barrel oil equivalent per day (MBOEPD).

While on the reserve side, PEP holds the largest oil and gas reserve in Indonesia, totaling at 6,171 MMBOE, also the third largest in Asia Pacific.

strategy

Various strategic programs have been developed to support the company’s growth. One of those is 7 Focus Point, which has been strategically implemented since 2008. Firstly is to focus on securing production of the main fields, considered as the backbone of all PEP production activities. Next is to focus on optimalization of production by way of improving infrastructure and supporting facilities of the existing fields, aiming at enhancing production level of those fields.

The third focus is to reactivate old wells on the production fields, while reactivation of old fields comes as the fourth focus. The reactivation initiatives seem potentially promising to adapt while adjusting with the fluctuative increase of the oil price.

Focusing on extracting and filtering of condensate gas transmission pipes, intensifying Enhanced Oil Recovery (EOR), and Put on Production (POP) for exploration wells come as the fifth, sixth and seventh focus, respectively.

Another strategic program includes acquisition of 3D seismic data that aims to obtain a more accurate 3D seismic data needed for the development of production field and EOR application; all 3D seismic programs have located ± 2,700 km2 areas.

Meanwhile, other strategic programs include:

accelaration of KSO cooperation; speeding up unitization; resource intensification, accelerating resource verification; and other daily operational- related initiatives.

EP COMPANY PROFILE

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corporatestrengths

Production has reached 80% of the ultimate primary recovery level and the estimated oil reserves totaling at 5 billion barrels of oil (BBO).

ourpeople

Employees of Pertamina EP (PEP) are professionals who are selected through a strict and accurate process. In addition, their capabilities are continuously enhanced to shape them into enthusiastic people who posses a lasting and competitive uniqueness, professional interpreneurship spirit and of high moral.

These moralities are essential since PEP workers are fighters/warriors who persistently

relied upon as the country’s revenue generator. That’s the reason why human resource (HR) improvement has become a constant necessity.

HR development of PEP emphasizes on increasing personal quality and empowerment by meeting the World Class People standards. Our journey to build world class employees began with some initial projects carried out during early

transformation phase, namely Talent Management and Succession Planning.

Talent Management is a founding guidance for potential employees or those with extra skills to be developed as the company’s key players. This guidance is a tool for company leaders in developing and selecting officials to take up key positions. Since it is based on meritocracy

therefore all employees have equal opportunities for self-development.

Succession Planning, is a tool for planning, preparing of employees’ career path and development, as well as cadre monitoring and evaluation. Cadre development has begun since entry level and will be monitored on a constant basis.

Therefore, rigorous, sustainable, and comprehensive programs aimed at developing professionalism among our employees, have been continuously implemented throughout our growth.

differentiation

With 140,000 km 2 of working area, PEP is a Contractor of Cooperation Contract operating on the most widespread area in Indonesia. This also means that PEP owns 20 percent shares of national oil reserve and 10 percent of national gas reserve. These potentials will eventually turn Pertamina into the largest oil and gas producer in Indonesia.

Meanwhile, production is projected to increase to 684 MBOEPD in year 2014, double from the 2007 production of 350 MBOEPD.

operations

To manage its oil and gas working areas, PEP conducts own operation and partnership cooperation in form of Joint Operating Body Enhanced Oil Recovey (JOB EOR) and Technical Assistance Contract (TAC).

Pertamina EP divides its working areas into three regions, Sumatera, Java and Eastern Indonesia Region. The head office manages the entire JOB EOR and TAC operations, while each region manages their own operation.

The operation of three regions is divided into 12 Field Areas namely Rantau, Pangkalan Susu, Lirik, Jambi, Prabumulih and Pendopo in Sumatera Region, Subang, Jatibarang and Cepu in Java Region and Sangatta, Bunyu and Papua in Eastern Indonesia Region.

Beside managing the previously mentioned working areas, PEP also manages its working areas through projects, namely gas development project of Pagar Dewa in Sumatera, Gundih in Central Java and Matindok in Sulawesi.

Throughout its operations as a subsidiary of PT PERTAMINA (PERSERO), PEP total oil production has contibuted majorly to the national’s oil reserve.

EP COMPANY PROFILE

corporatecommitment

PEP is committed to striving for the best in all its business activities, including HSE performance.

goodcorporategovernance

Proper implementation of Good Corporate Governance (GCG) aims to strengthen corporate image as well as performance, while maximizing the shareholder’s values at the same time. Within PEP, GCG implementation has five aims.

Firstly, it aims to maximize the corporate values by aggressively applying the principles of transparency, independency, accountability, integrity and adequacy throughout all corporate conducts. Ensuring a professional and

independent corporate management practices comes as the second aim. The third is developing a specific decision making system by all Business Units based on high ethical codes and strict compliance to the set regulations and business codes. Realizing the Corporate Social Responsibility program to the stakeholders and escalating a conducive national investment climate, particularly in energy and petrochemical areas are the fourth and fifth aim.

Throughout all conducts, PEP holds Good Corporate Governance principles such as Transparency, which is open and honest in all decision making process, while assuring that any financial related information is relevant and accurate. Principle of Independency states that employees must avoid situations which

could cause conflicts and pressures, internally or externally, that are not in accordance with prevailing rules and regulations, as well as healthy corporation principles.

Clarity in describing each business unit’s functions, duties and responsibilities in order to manage the company more effectively is principle of Accountability that PEP holds strongly. Principle of Responsibility implies appropriateness of company’s management practices to prevailing rules, in a way that also complies with healthy corporation principles. And lastly, principle of Fairness understood as being fair and equal treatment in meeting the stakeholders’ rights as the stated by the prescribed rules and regulations.

We believe that proper good governance implementation is the foundation of our movement, with the spirit of integrity and rightness, to being the foremost national oil and gas producer of a world-class state of mind.

PEP COMPANY PROFILE

EP COMPANY PROFILE

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health safety environment Moreover, preserving the green nature of the surrounding environment has also been

healthsafetyenvironment

health safety environment Moreover, preserving the green nature of the surrounding environment has also been our

Moreover, preserving the green nature of the surrounding environment has also been our main endeavor in creating a healthy and clear atmosphere.

At PERTAMINA EP (PEP), Health, Safety, and Environment (HSE) initiatives have been undertaken to ensure adequate management performance and practices. HSE practices ensure that risks to both people and the environment are addressed, as well as enhancing social growth of the surrounding community.

Going world class, PEP realizes that HSE implementation is inseparable from all business aspects. In due course, PEP strives to sustainably improve its understanding of the HSE culture, so that the HSE initiative can be merged into the primary corporate culture through integrated HSE Management System that is integral and will synchronize all business operations. More importantly, the system will bring about a more safe, excellent, efficient and environmental concern operations.

A set of HSE Management System emphasizes on 13 major elements has been made effective by PEP to affirm that it is the duty and responsibility of everyone in the company. Therefore, proper HSE implementation throughout all layers is a compulsory action

for PEP to reach ‘HSE Operating Excellence’. The 13 elements include ideal leadership and integrity; awareness, training, competency; partnership management, design, construction and commissioning; operation and after operation management; inspection and maintenance; security management (materials and products); management of change; communication; crisis and emergency handling; incident investigation; documentation; and evaluation and audit.

PEP commits to bring about respectable HSE practices in accordance to the applied regulations and HSE standards. The objective is to minimize incidents, actively anticipate the negative impact resulted, and improve the company’s image.

However, proper implementation of HSE Management System throughout PEP and partners’ operations is one of the developed five strategies. Other strategies include special HSE workshop for workers, making HSE practices inseparable from the corporate culture, integration of the required technology with PEP’s operations, and strengthening the corporate image throughout all aspects of HSE.

EP COMPANY PROFILE

PEP COMPANY PROFILE

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corporatesocialresponsibility

Intense interactions with the local people and regular community development initiatives have initially been PEP’s moral obligation ever since our early establishment. PEP realizes that the support and involvement of the local community play an important role throughout our business sustainability and hence our growth.

As part of the community, PT PERTAMINA EP (PEP) is committed to actively express its social responsibility and to create an environmental friendly operations. Likewise, PEP believes that positive social perception is good for business, providing a secure, inspiring and dynamic atmosphere.

Realizing its responsibility to the community, PEP knows that community development is a moral obligation, a way of showing concern and earning trust. Hence, PEP feels obliged to share

its economic, social, and cultural perspectives through Corporate Social Responsibility (CSR) program. Besides, PEP also considers the CSR program as part of its business investment initiatives for growth, ensuring future business.

It is PEP commitment to empower the local community and protect the areas of its operations to develop a conducive community relationship and to take responsive action in handling after-mining impact. As a result, the CSR activities are realized through a number of programs focusing on religious, health, education and economy related issues.

EP COMPANY PROFILE

PEP COMPANY PROFILE

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Head Office | Menara Standard Chartered 21 s t -29 t h Floor | Jl.

Head Office | Menara Standard Chartered 21 st -29 th Floor | Jl. Prof. Dr. Satrio No. 164 | | Jakarta Selatan 12950 | Indonesia |