Petrogas

Company Profile

History of Petrogas Jatim Utama Cendana

The purpose of establishing PT. PJUC is to carry out the mandate of PERDA No. 1 of 2006 and amendments dated 26 April 2007 in the 2007 East Java DPRD plenary session, to get a Participating Interest (PI) of 2,2423% in the Cepu Block together with other regional BUMDs that are collected in the 10% PI Cooperation Board (BKS). In accordance with the prevailing laws and regulations, Oil and Gas Law No. 22/2001, PP No. 35 of 2004, PSC Contracts in a mining area must be in the form of Special Purpose Vehicle (SPV) and may not have other business units except Working Interest in the Block.

PJUC was established on March 14, 2007 based on Notary Deed Rosida, SH No. 5 dated March 14, 2007. PJUC actively joined the BKS Cepu in order to prepare Participating Interest from EMCL (Exxon Mobil Cepu Limited).

In mid-2007, 4 local governments, 4 BUMDs, BPMIGAS, the Director General of Oil and Gas, MCL, and Pertamina held a grand meeting to speed up the 10% PI transfer process. At the end of 2007, MCL, as the operator of the Cepu Block, made PI Offers to 4 BUMDs and in early 2008, 4 BUMDs signed the 10% PI Acceptance Letter and Sales Purchase Agreement (SPA) as a sign of the start of the negotiation of tough conditions (Condition Precedence).

Through a tireless struggle, at the end of January 2009, PJUC has paid Past Cost which marks the entry of PJUC as one of the Cepu Block partners along with other BUMDs. Furthermore, at the end of February 2009 a Deed of Assignment (DoA) was signed in Surabaya.


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