Exxon's Cepu Block Starts Producing Limited Amount of Crude
JAKARTA (Dow Jones Newswires), December 10, 2008
Exxon Mobil Corp. said that the Cepu Block in Indonesia started producing Wednesday a "limited" amount of crude oil that is expected to rise to 20,000 barrels a day in the first half of 2009.
The U.S. company owns a 45% stake in the block, which is estimated to contain 600 million barrels of oil.
State-owned PT Pertamina holds another 45% of the equity, and several companies owned by the local governments hold the remaining 10%.
The full output of the block, located on the border of central and east Java, is expected to be 165,000 barrels/day. The block is vital to Indonesia's hopes to bring its crude output back above one million barrels/day.
Indonesia turned a net oil importer in 2003 and will cease its membership in the Organization of Petroleum Exporting Countries next month.
Copyright (c) 2008 Dow Jones & Company, Inc.
Operates 13 Offshore Rigs
- Oil, Gas Leaders Warn Trump He Risks Harming Their Industry (Mar 16)
- Exxon Mobil Partnering With Pakistan for Third LNG Terminal (Mar 16)
- Tillerson Has 180 Million Reasons Not to Return to Oil Industry (Mar 13)
Company: Pertamina more info
- Bangladesh Signs Deal With Indonesia For LNG Imports (Jan 29)
- Pertamina Signs JV Deal With Russia's Rosneft For New Tuban Refinery (Nov 28)
- Indonesia's Pertamina To Spend $700MM On Mahakam Oil, Gas Block Next Year (Nov 02)
Company: OPEC more info
- The Next Entrant in the Shale Revolution? OPEC's Saudi Arabia (Mar 07)
- Gadfly: Trump Tariffs Are a Gift for OPEC and Russia. Not Shale (Mar 05)
- OPEC Sec Gen: Lack of Investment 'Sowing Seeds for Future Energy Crisis' (Mar 05)