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NEWS UPDATES 11 October 2009

Indonesia’s Pertamina, Exxon unit start talks on Cepu operation

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Exxon Mobil Oil Indonesia and state oil/gas company PT Pertamina have started discussions to revise their joint operation agreement or JOA on the Cepu oil Block in Central Java, state news agency Antara reported.

"We`ve met," Exxon Mobil spokesman, Maman Budiman said but he was reluctant to disclose the results of the meeting because, he said, the JOA issue was still to be discussed in further meetings.

In the meantime, head of the Upstream Oil and Gas Regulatory Body (BP Migas) R Priyono said his office would facilitate a meeting between Pertamina and Exxon.

"The BP Migas deputy chief for operations control will call them (representatives of Exxon and Pertamina) next week," Priyono said.

The JOA was to be revised because according to Pertamina, the Cepu Block was not being developed fast enough and Pertamina deserved a greater role in the management of the oil block, he said.

At the moment, the Cepu oil Block production has only reached 18,000 barrels per day, or still less than the target of 20,000 barrels per day, Priyono said.

"The low level of production not because of the `reservoir,` problem but the oil production equipment was not used optimally," he said.

But he expressed optimism that the Cepu oil production will reach 20,000 barrels per day in the near future. The cooperation contracts of the Cepu Block were signed on September 17, 2005.


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