Indonesian State Oil Company, Exxon Sign Cepu Block Cooperation Contract
Posted on: Monday, 19 September 2005, 03:01 CDT
Text of report attributed to Antara, carried by Indonesian newspaper Republika website on 18 September
Jakarta: PT Pertamina and ExxonMobil Corporation, via their subsidiary companies, have each signed a Cepu block cooperation contract.
The Head of Pertamina Public Relations Division, Abadi Poernomo, said in Jakarta that the signing was carried out between the PT Pertamina subsidiary company PT Pertamina EP (Exploration and Production) Cepu and ExxonMobil (Mobil Cepu Ltd.) subsidiary company Ampolex (Cepu) Pte Ltd and the Implementation Body for Upstream Oil and Natural Gas Activities with BP Oil and Natural Gas, in Jakarta on Saturday [17 September].
The signing was also witnessed by the Minister for Energy and Mineral Resources, Purnomo Yusgiantoro.
"Yesterday (Saturday) the cooperation contract was signed then it will be included in the joint operation agreement (JOA) between Pertamina and ExxonMobil," said Abadi.
In the JOA it would be decided how the mechanism for exploration cooperation in the Cepu block would work, which over the past few years had been a point of conflict between Pertamina and ExxonMobil.
"The JOA would also decide how much funding would be expended before the Cepu block was in production," he said.
ExxonMobil claimed that 450m US dollars had been spent, while Pertamina claimed that only 150m US dollars had been spent.
It was hoped that the Cepu block would produce an additional 150,000 to 200,000 barrels a day of Indonesian crude oil.
Source: BBC Monitoring Asia Pacific
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