BP Relinquishes X-Ray Field to Pertamina

BP's production sharing contract has expired on the X-Ray oilfield in the Java Sea. Pertamina will take over operation of the field from BP. Pertamina signed a contract with Arco, which was taken over by BP last year, on the X-Ray oil field in 1970s. The field had estimated reserves of 5.2 million barrels. Pertamina expects to begin exploration soon and hopes have new production reaching approximately 1,500 barrels of oil per day by the end of this year.