BKS Blok Cepu Signs Oil Sale and Purchase Agreement for 2025
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  • BKS Blok Cepu Signs Oil Sale and Purchase Agreement for 2025

On Thursday, 19 December 2024, the signing of the Oil Sale and Purchase Agreement (PJBM) for the period from 1 January 2025 to 31 December 2025 took place. This agreement involves the Sellers, consisting of PT Asri Dharma Sejahtera, PT Petrogas Jatim Utama Cendana, PT Blora Patragas Hulu, and PT Sarana Patra Hulu Cepu. These four companies are jointly incorporated in the Cepu Block PI Cooperation Agency (BKS). Meanwhile, the Buyer is PT Kilang Pertamina Internasional, a state-owned enterprise (BUMN).

Through this cooperation, BKS is committed to prioritising domestic oil needs and supporting the fulfilment of domestic refinery supplies. It is hoped that this agreement will not only benefit both parties but also contribute positively to Indonesia's progress.

The Chairman of BKS Blok Cepu, Suko Hartono, stated that this agreement is proof of the company's commitment to increasing domestic crude oil supply and supporting national energy security. ‘This cooperation will strengthen our position as a major player in Indonesia's oil and gas industry,’ he added.

Meanwhile, Pertamina Kilang Internasional Representative Pjs VP Feedstock Management

Tri Basoeki Soelis Vichyanto said that this agreement will strengthen cooperation between the two companies and improve service quality. ‘We are committed to ensuring a stable and high-quality supply of crude oil,’ he said.

The cooperation established by BKS and KPI is expected to support national energy security and strengthen the synergy between the Cepu Block Cooperation Agency and Pertamina International Refinery in the sale and purchase of Cepu Block crude oil.

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BKS is a forum for collaboration between four regionally-owned enterprises (BUMD) that hold a 10% participating interest (PI) in the Cepu Block Working Area, which is regulated by Oil and Gas Law No. 22 of 2001, Government Regulation No. 35 of 2004 in conjunction with Government Regulation No. 34 of 2005 concerning Upstream Oil and Gas Business Activities, as well as the implementing provisions of SKK Migas. The four BUMDs are PT Asri Dharma Sejahtera (ADS) as the BUMD of Bojonegoro Regency, PT Petrogas Jatim Utama Cendana (PJUC) as the BUMD of East Java Province, PT Blora Patragas Hulu (BPH) as the BUMD of Blora Regency, and PT Sarana Patra Hulu Cepu (SPHC) as the BUMD of Central Java Province. Through the BKS, these four BUMDs collectively manage the rights and obligations of the 10% PI, conduct joint supervision of operations with the Cooperation Contract Contractor (KKKS), and ensure that governance, lifting, and commercialisation of oil are carried out professionally so that the economic benefits of the Cepu Block can be optimised for the region.