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Pertamina, ExxonMobil to sign Cepu deal this month JAKARTA - State oil-and-gas firm PT Pertamina and ExxonMobil Oil Indonesia Inc will sign this month a joint operation agreement (JOA) for the development of the Cepu block, Pertamina president Widya Purnama said. 'The deal for a joint operation agreement with ExxonMobil for Cepu will be definitely completed this month,' Purnama said.

'The President (Susilo Bambang Yudhoyono) has given instructions for joint operatorship for Cepu, meaning ExxonMobil must share (operation of the Cepu block) with Pertamina,' he said. Located in East and Central Java, the Cepu block is expected to start producing oil in 2008, with an estimated output of 160,000-180,000 barrels per day.

In June, the government agreed to award Pertamina and ExxonMobil a 30-year contract to develop the Cepu block. ExxonMobil had been insisting on operating Cepu by itself. Purnama said Pertamina, on the other hand, is suggesting that the operatorship be switched every five years, with Pertamina running the block for the first five years. He said the company is preparing a plan of development for Cepu, which it hopes to complete within a month. The development of Cepu could then start as early as Feb 2006, he said.

In September, Pertamina and two ExxonMobil subsidiaries -- Mobil Cepu and Ampolex Cepu -- signed a cooperation contract with BP Migas, the country's upstream oil and gas regulator, to operate the Cepu field. That cooperation contract is to take effect once Pertamina and Cepu have signed the JOA. ExxonMobil hopes to complete the JOA as soon as possible, which could mean by this month, said ExxonMobil Indonesia spokesperson Deva Rachman. 'We are currently finalizing the JOA with Pertamina,' she said.



Posted in Economy @ 05 December 2005 07:13 CET by Jeroen · 'Blog' RSS feed · permalink






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