Exxon sees peak Cepu oil output delayed to end-2013

JAKARTA, Jan 27 (BestGrowthStock) – The Indonesian unit of U.S. oil
major Exxon Mobil (XOM.N: ) expects peak crude oil production of
165,000 barrels per day (bpd) from its Cepu block to be delayed
until the end of 2013, a company official said on Wednesday.

An Exxon Mobil Indonesia official had previously said the
company hoped for peak production at Cepu in 2012.

Cepu, in Central Java, ranks among the U.S. major’s top 10
projects worldwide. For a factbox see [ID:nJAK406120].

It is being jointly developed by Exxon Mobil and Indonesian
state oil firm Pertamina, and began initial production with a
volume of around 800 bpd in December 2008.

“Our target for 165,000 bpd output is by the end of 2013,”
Maman Budiman, a senior vice president at Exxon Mobil
Indonesia, told a parliamentary commission hearing.

Budiman said Cepu currently produces around 18,000 bpd,
supplying a small refinery in Central Java and also Pertamina.

Indonesia, which has turned into a net importer of crude
oil in recent years, is counting on Cepu to help make up for
flagging output from its ageing fields.

For a story on Exxon and Indonesian investment hurdles,
click on [ID:nJAK475254].

Money

(Reporting by Muklis Ali; Editing by Neil Chatterjee)

Exxon sees peak Cepu oil output delayed to end-2013