BRIEF HISTORY OF THE COMPANY

PT Pertamina (Persero) has now journeyed with over six decades of experience in the energy industry. Pertamina continues to work hard in building the nation through strengthening its commitment in the fields of New and Renewable Energy and Business Diversification. This commitment is demonstrated through the provision of more quality products to meet the demands of consumers for superior products. It is now time for Pertamina to strengthen its steps, in order to face a variety of challenges with optimism so as to create sustainable business growth for the Company through investment and business optimization in order to continue growth in line with the expectations of all stakeholders.

The Milestones of Pertamina has started in the 1950s, the Government of the Republic of Indonesia appointed the Army, which later established PT Eksploitasi Tambang Minyak Sumatera Utara to manage oil fields in the Sumatra region. On 10th December 1957, the Company then changed its name to PT Perusahaan Minyak Nasional, abbreviated to PERMINA. This date is celebrated as the birth of Pertamina to this day. In 1960, PT Permina changed its status to a State Enterprise (PN) Permina. Later, PN Permina joined PN Pertamin to become PN State Oil and Natural Gas Mining Company on 20th August 1968.

Afterward, the government regulated the role of Pertamina so as to produce and process oil and gas from oil fields as well to provide for the fuel and gas demands in Indonesia through Law No.8 of 1971. Furthermore, through Law No.22 of 2001, the government changed the position of Pertamina, allowing the implementation of Public Service Obligation (PSO) to be conducted through the business activities.

Based on Government Regulation No.31 of 2003 dated 18th June 2003, the State Oil and Natural Gas Mining Company changed its name to PT Pertamina (Persero) which engaged in oil and gas business activities from the Upstream Sector to the Downstream Sector. PT Pertamina (Persero) was established on 17th September 2003 based on Notarial Deed No.20 of 2003. On 10th December 2005, Pertamina transformed the seahorse logo into arrows with green, blue, and red base colors that reflect the dynamic elements and environmental awareness. 

Through a subsidiary, PT Pertamina International EP, Pertamina became the majority shareholder of Maurel et Prom (M&P) with 72.65% of shares.

PT Pertamina (Persero) transformed the Company’s business and fundamentals on 20th July 2006. PT Pertamina (Persero) changed the Company’s vision to “Becoming a World-Class National Oil Company” on 10th December 2007. In 2011, Pertamina improved its vision to “Becoming a World-Class National Energy Company”. Through the EGM dated 19th July 2012, Pertamina increased its issued/paid-up capital as well as expanded its business activities.

On 14th December 2015, the Minister of SOE at the General Meeting of Shareholders approved the amendment to the Articles of Association of Pertamina in optimizing the utilization of resources, increasing on the issued and subscribed capital by the state as well as the Board of Directors’ actions that require written approval from the Board of Commissioners. This amendment has been stated in Deed No.10 dated 11th January 2016, Notary Lenny Janis Ishak, SH.

In 2017, one of the real steps to realize the vision of becoming a world-class national energy company was to successfully complete the acquisition of French oil and gas company Maurel et Prom (M&P). Effective from 1st February 2017 through a subsidiary, PT Pertamina International EP, Pertamina became the majority shareholder of M&P with 72.65% of shares. Through its majority shareholding in M&P, Pertamina has access to operations in 12 countries spread over 4 continents. In the future, Pertamina aims to produce 650 thousand BOEPD (Barrels of Oil Equivalents Per Day) by 2025 from its international operations, as part of Pertamina’s production target of 1.9 million BOEPD by 2025, in a determined effort towards establishing Indonesia’s energy resiliency and self-sufficiency.