ExxonMobil Indonesia Records The 1,000th Achievement And Cumulative Production Of 660 Million Barrels Of Oil From The Cepu Block

President of ExxonMobil Indonesia Carole Gall (photo: Maria Trisnawati/VOI)

JAKARTA - ExxonMobil Cepu Limited (EMCL) announced the 1,000th shipment of crude oil from Banyu Urip and Kedung Keris Fields, Cepu Block, today, Tuesday, August 13.

President ExxonMobil Indonesia Carole Gall, in his remarks, said that this shipment also marks the cumulative total production of more than 660 million barrels of oil through safe, reliable, and efficient production operations.

"The cumulative amount of production has exceeded the initial development plan (POD) commitment target, with an estimated volume of oil reserves of 450 million barrels," he said at the Fairmont Hotel, Tuesday, August 13.

Carole explained, EMCL affected 600,000 barrels of crude oil from the Floating Charge Alir (FSO) Crow Rimang ship to Pertamina's MT Nectar tanker, then sent to Government refineries in Indonesia. This government-selected crude oil plays an important role in supporting Indonesia's energy needs and increasing national energy security.

Carole said Banyu Urip Square started oil production 15 years ago, and 2015 was recorded as the first shipment. Until the thousandsth shipment, the operation of the Cepu Block recorded an extraordinary safety record, with zero incidents.

"The upstream oil and gas industry is very important for Indonesia's energy future while at the same time encouraging economic growth," he said

Carole continued, EMCL is also developing the Banyu Urip Infill Classic (BUIC) program, with the B13 well which was first produced at 13,300 barrels of oil on August 6.

This development will further increase the production of the Cepu Block oil and strengthen Indonesia's energy security, contributing about 25 percent to national crude oil production.

From 2008 to 2023, with a total investment of around IDR 57 trillion or about 4 billion US dollars, the Cepu Block has generated more than 660 million barrels of crude oil and contributed more than IDR 442 trillion or the equivalent of 29.5 billion US dollars to state revenues in the form of government and tax revenues.

More than that, based on projected Work Plan and Budget (WP&B), because Banyu Urip's estimated reserves have the potential to double to 1 billion barrels of oil, Indonesia can earn an additional revenue of IDR 421 trillion or around 28.1 billion US dollars in the form of government and tax revenues.

"Makes the total revenue of the Cepu Block project for Indonesia to reach a fantastic figure of IDR 864 trillion of around 57.6 billion US dollars," Carole continued.

On the other hand, during the project, ExxonMobil has employed more than 1,000 Indonesian talents. Currently, more than 99 percent of the operations of the Cepu Block are managed by the best sons and daughters of the country. The strong upstream oil and gas industry, coupled with supporting government policies, will continue to increase the benefits of multipliers for the welfare of the Indonesian people.

"EMCL would like to thank the Ministry of Energy and Mineral Resources (ESDM), the Directorate General of Oil and Gas, KUPP Brondong, the government and the local community, as well as our partners, Pertamina and BKS PI Blok Cepu, for their ongoing support and cooperation," Carole concluded.