Production and reserves at ExxonMobil’s (NYSE:XOM) giant Cepu Block - rumoured to be a divestment candidate - have exceeded expectations, reported Indonesian upstream regulator SKK Migas.
Indonesian upstream regulator SKK Migas has approved ExxonMobil’s plans to restart drilling at its giant Cepu Block in a bid to find new reserves and stem falling output at the country’s largest oil producing block.
US supermajor ExxonMobil said it is planning to restart exploration drilling at its giant Cepu Block in Indonesia, despite rumours that it is looking to divest its interest, in a bid to find new reserves. Cepu, which holds the Banyu Urip project, one of Southeast Asia’s biggest oil developments, is Indonesia’s largest oil producing block.
Exxon has successfully started the onshore central processing facility at the Banyu Urip field in Indonesia, helping increase production to more than 130,000 barrels of oil per day and increasing production in coming months.
