ExxonMobil optimistic on Cepu deal<\/p>\n
U.S. oil giant ExxonMobil Corp. is optimistic that a joint
\noperating agreement (JOA) between the company and state oil and
\ngas firm PT Pertamina over who will be in charge of managing the
\noil-rich Cepu block will be reached soon.<\/p>\n
"We are hopeful of resolving it and there has been progress
\nmade in the negotiations. We expect a deal to be reach sooner
\nrather than later," ExxonMobil Indonesia president director Peter
\nColeman said after a gathering of investors at the Presidential
\nPalace on Friday.<\/p>\n
Coleman said the company had been actively negotiating to seal
\na deal.<\/p>\n
Talks over the JOA have become deadlock with both ExxonMobil
\nand Pertamina holding out for principal control of the block,
\ndespite a memorandum of understanding (MOU) signed in June by the
\ntwo companies and the government-sanctioned team that granted
\nExxonMobil the right to be the sole operator of the block for the
\nentire duration of the contract.<\/p>\n
The team managed to get ExxonMobil and Pertamina to sign a
\nproduction sharing contract with the government on Sept. 17 to
\ndevelop the US$2.6 billion Cepu block, which contains estimated
\nreserves of 500 million barrels of crude oil. -- JP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/exxonmobil-optimistic-on-cepu-deal-1447893297",
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"sponsor": "Okusi Associates",
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