ExxonMobil's Production From Cepu Block Likely To Increase
Zacks Investment Research | Sep 20, 2016 11:30PM ET
ExxonMobil Corporation’s (NYSE:XOM) Cepu block in Indonesia is expected to yield crude oil output of 200,000 barrels per day (bpd) in 2017, per the head of Indonesia's upstream oil and gas regulators.
The production is anticipated to surge 22% from the previous estimation of 163,910 bpd in 2016.
According to the chief of regulator SKKMigas Amien Sunaryadi, the growth in production from Cepu was necessary to support the national oil production target of 815,000 bpd for 2017, just below the 2016 target of 820,000 bpd.
Located 150 kilometers west of Surabaya, Cepu block spans across 919 square kilometers compared with 1,670 square kilometers when acquired in 2000. Sukowati discovery, which was made in east of Banyu Urip by ExxonMobil, has been excluded from the block.
ExxonMobil subsidiaries – Mobil Cepu Ltd. and Ampolex (Cepu) Pte. Ltd. – hold 45% interest each in the block. Mobil Cepu is operator of Cepu block. Other partners include Pertamina EP Cepu and the Cepu Block Cooperation Body (BKS) holding 45% and 10%, respectively.
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