ExxonMobil Says To Soon To Place Cepu Reserves at 500 Million
ExxonMobil said it was too soon to be specific about oil reserves in Cepu block in Central Java but said they exceeded 250 million barrels. Earlier this week Indonesia said it had data which showed the block had reserves of around 500 million barrels. "It is still too early to be specific about the reserve number there. It does look like a very large resource, in excess 250 million barrels which we have said before," Harry Longwell, executive director of ExxonMobil, said in a statement. "We need to do more work to be more specific," he added.
ExxonMobil and Pertamina have been in revenue sharing talks over the block since last year, when the government estimated the block's Banyu Urip oil wells held reserves of 250 million barrels. However, negotiations have not been finalized. ExxonMobil currently holds operatorship of the Cepu block until 2010 The government is reviewing the company's request for a contract extension.