Pertamina EP is interconnected with the lengthy history of oil and gas quest around the archipelago which was started in early 19th century. Between 1871 to 1885 was early quest era until oil discovery in Dutch-occupied Indonesia. Following first drilling in 1883 at Telaga Tiga, Pangkalan Berandan, South Sumatra, Royal Dutch Company was established in Pangkalan Berandan in 1885. Since then, the exploitation of oil in the archipelago began.
During the East Asia war, oil production experienced a distortion. During Japan occupation, efforts were limited to rehabilitation of damaged fields and wells as the impact of war.
Oil production was discontinued during the war for independence. When it was over and the nation started to run more organized governance, control over oil business became less clear. Numerous small companies spurted to take advantage of oil fortune thus causing disputes. To subdue the disputes, control over oil was given to the Army.
To acnticipate it, the government established a national oil company on 10 December 1957 namely PT Perusahaan Minyak Nasional, PERMINA. In 1968, PERMINA merged with PERTAMIN and changed its name to PERTAMINA. To strengthen the new company, the government issued Law No. 8 in 1971, that positioned PERTAMINA as state-owned oil and gas company. The law obliged all oil companies interested in running their business in Indonesia to cooperate with PERTAMINA. This resulted in PERTAMINA to act as a regulator for partners who were under Cooperation Contract mechanism in PERTAMINA working areas. On the other hand, PERTAMINA also acted as operator who managed its own working areas.
Parallel to the dynamic shifts of the global and national oil and gas industry, the government issued Oil and Gas Law No. 22 /2001. Due to the law enactment, PERTAMINA status was changed into a State-Owned Enterprise and renamed as PT Pertamina (Persero). Consequently, the Company’s role became an operator under Cooperation Contract with BPMIGAS as the government’s representative. 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 manageable.
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. At the same time, Pertamina EP also signed a Production Sharing Contract with BPMIGAS valid since17 September 2005.
Therefore, Pertamina EP’s working areas are those previously managed by PT Pertamina (Persero), including those previously managed by PT Pertamina (Persero) through Technical Assistance Contract (TAC) and Joint Operating Body Enhanced Oil Recovery (JOB EOR)
Pertamina EP has split its visionary aspirations into a three-year strategic planning period:
- Three-Year Development Plan I Vision (2006-2008): "Respectable Cost Effective and Efficient Oil & Gas Producer".
- Three-Year Development Plan II Vision (2009-2011): "No.1 Oil & Gas Producer in Indonesia".
- Three-Year Development Plan III Vision (2012-2014): "PEP World Class".
In order to achieve those visions, Pertamina EP states its mission as follow:
- To run the oil and gas business efficiently, effectively, and within a safe and healthy environment, thus increasing value for the stakeholders.
Pertamina EP Excellence Values
In order to create a harmonious working environment, Pertamina EP workers always refer to commonly agreed basic values as excellence values. These excellence values are expected to build synergetic strength in order to become the propeller toward Pertamina EP World Class vision through Company's strategic mission. The values are guidance to realize Company's vision and mission, comprise Focus, Integrity, Visionary, Excellence and Mutual respect (FIVE-M).
In line with Pertamina EP's transformation program, FIVE-M values were further develop into FIVE-M GO PEP with additional values of Good Corporate Governance, Optimization, Personal Quality, Empowerment, Peerless Shareholder Value and Proper HSE.
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