ExxonMobil commits to Cepu MOU<\/p>\n
U.S. oil giant ExxonMobil Corp. has renewed its commitment to
\ncomply with its memorandum of understanding (MOU) and production
\nsharing contract (PSC) with the Indonesian government before
\ndeciding to exploit the untapped oil-rich Cepu block.<\/p>\n
Joint operators should comply with the deals that depict a
\nclear revenue-sharing scheme and mechanism, said new Exxonmobil
\nIndonesia president Peter J. Coleman during a visit to Bojonegoro
\non Tuesday.<\/p>\n
\"Exxonmobil will remain committed to developing the Cepu
\nblock. For sure, we want the exploration and exploitation of the
\nfield to be done as soon as possible,\" Coleman was quoted by
\nAntara as saying.<\/p>\n
Coleman and several ExxonMobil executives met Bojonegoro
\nRegent H.M. Santoso to discuss the company's plan to manage the
\nblock, which contains estimated reserves of 500 million barrels
\nof crude oil.<\/p>\n
At present, ExxonMobil and state oil and gas firm PT Pertamina
\nare wrangling in a dispute to seal a joint-operation agreement
\nfor the block, which is expected to start pumping out oil in
\n2008.<\/p>\n
The agreement is needed to determine which of the two
\ncompanies is authorized to operate the block.<\/p>\n
Antara reported that during the meeting, the two parties also
\ndiscussed a plan to acquire between 800 and 1,000 hectares of
\nland located in the Ngasem and Kalitidu districts for managing
\nthe block, which is located between Central Java and East Java.<\/p>\n
Neither officials from the regency nor ExxonMobil have
\nconfirmed the report.<\/p>\n
Santoso only said the visit was just a courtesy call from
\nColeman, who was new in his post and wanted to personally get
\nacquainted with him. -- JP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/exxonmobil-commits-to-cepu-mou-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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