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Pertamina to take over gas produciion from ExxonMobil in Cepu Block.(CORPORATE NEWS IN BRIEF)(Brief article)
Indonesian Commercial Newsletter, December, 2006
PERTAMINA TO TAKE OVER GAS PRODUCIION FROM EXXONMOBIL IN CEPU BLOCK. State-owned oil and gas company PT Pertamina said it will take over from ExxonMobil the job of producing gas from the Cepu Block if the U.S. company fails to respond to call to speed up gas production. The government wants to start gas production to help cope with shortage in gas supply in Java.
The Cepu Block has a reserve of an estimated 5.3 trillion cubic feet (TCF) developed by a Joint Operating Committee (JOC) Exxon-Pertamina. The Cepu Block is 45% owned each by Pertamina and ExxonMobil with a concession of 30 years. ExxonMobil is the general manager of JOC or the lead operator.
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