ExxonMobil and Pertamina Sign Joint Operating Agreement for Cepu Block |
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Exxon Mobil Corp.
5959 Las Colinas Blvd.
Irving, TX, 75039 2298
USA
Press release date: March 15, 2006
IRVING, Texas--March 15, 2006--Exxon Mobil Corporation (NYSE:XOM) announced today that its subsidiaries Mobil Cepu Ltd. and Ampolex (Cepu) Pte. Ltd. have signed a Joint Operating Agreement (JOA) with P.T. Pertamina EP Cepu, a subsidiary of P.T. Pertamina, for the Cepu Contract Area located in East and Central Java, Indonesia.
The signing of the JOA follows the execution of the Cepu Cooperation Contract in September of 2005 and enables the parties to begin the activities and make the investments required to develop the discovered resources and further explore the block during the thirty-year contract period. The JOA provides the basis for joint development of the block, which will be managed by the parties under a Joint Operating Committee. Pertamina and ExxonMobil each will provide management oversight, technology and manpower under the agreement.
"ExxonMobil is pleased that the Joint Operating Agreement has been executed for the Cepu Contract Area," said Rex Tillerson, Chairman and Chief Executive Officer, Exxon Mobil Corporation. "We look forward to working with Pertamina and the Government of Indonesia to bring this important new resource on production. Cepu exemplifies our long-term commitment to invest in opportunities that bring new supplies to market and enhance our global portfolio," added Tillerson.
Ampolex (Cepu) Pte. Ltd. and Mobil Cepu Ltd. acquired their respective interests in the Cepu Contract Area in 1997 and 2000 with the approval of both Pertamina and the Government of Indonesia. In March 2001, Pertamina and ExxonMobil announced the Banyu Urip discovery on the Cepu Contract Area. Banyu Urip is estimated to contain more than 250 million barrels of oil. At peak production, the field is expected to produce up to 165,000 barrels of oil per day. The Area has potential for additional exploration and development opportunities.
Pertamina and ExxonMobil each hold a fifty-percent interest in the Contract, with the parties anticipating entry of a regional entity at the ten-percent level in the future. The ten percent will be provided equally by both parties.
Affiliates of Exxon Mobil Corporation have been operating in Indonesia for more than 100 years. Since 1968, the company has invested more than $17 billion in the country and it currently has 600 employees, more than 95 percent of whom are Indonesian. During its presence in Indonesia, ExxonMobil has been active in developing and assisting communities around its core areas of operations. ExxonMobil has been a major contributor of food, medical supplies, clothing and financial aid to tsunami relief efforts.
Exxon Mobil Corporation is a leading international energy company whose subsidiaries have operations in more than 200 countries and territories worldwide. In Asia-Pacific, ExxonMobil has major exploration and production operations in four countries. In addition, the company has a significant refining and marketing presence in more than 12 countries in the region. For more information about ExxonMobil, please visit our website at www.exxonmobil.com.
Contacts ExxonMobil Len D'Eramo, 713-656-4376
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User comments about this story
how to join exxon
dear.
i am a fresh graduated from semarang merchant marine academy,port and shipping dept.I had experience when i had land project at PT. Pertamina tongkang branch of surabaya around 1 year, i can speaking in english, operating computer. So how i can join with ur company..??
By bachtiar oktaviandhi on Mar 11, 2010 22:13
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Corporate Social Responsibility
Dear Sir,
We are Cepu-Blora native people,which lead a peace boarding school for poor children. May, you have a CSR(Corporate Social Responsibility) program to increase the education and life skill education for my children. We have 2 programe : Organic Farming and Livestock. Please contact me on +62-81390432901 or +62-81316917691
Thanking you for the attention.
Regards
Zainal Arifin
By Zainal Arifin on Jul 8, 2009 05:45
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