Cepu Block oil production seen reaching peak production in October this year

JAKARTA (rambuenergy.com) – The Banyu Urip oil and gas field within Cepu Block is expected to reach its peak production of 205,000 barrels per day in October this year, which would help prevent national oil production from falling due to natural causes.

Sudirman Said, minister for energy and mineral resources (ESDM), said after visiting the field on Thursday (March 26) that the daily production of the field has now reached 48,000 barrels per day (bpd) and will gradually increase until reaching its peak production at 205,000 bpd in October this year. Then, the oil production would stabilize at around 165,000 barrels per day for the following 24 months.

“The oil production of Cepu Block could contribute 20 percent of oil lifting target for this year,” Minister Sudirman said.

Cepu Block is operated by Mobile Cepu Limited (MCL), a subsidiary of Exxon Mobil Corporation. MCL holds 45 percent working interest in the block, PT Pertamina EP Cepu, a subsidiary of PT Pertamina, holds 45 percent and 10 percent owned by a Joint Operating Body (BKS), which is jointly owned by local governments. The block is estimated to have oil reserves of 450 million barrels. (*)