Indonesia says Exxon boosts production in Cepu block
JAKARTA :Indonesia energy minister on Thursday said an additional 30,000 barrels oil per day (bpd) have been produced at the Exxon Mobil-operated Cepu block, as the country strives to counter declining national oil output.
Indonesia targeted oil lifting stands at 605,000 bpd this year, but figures for January-May showed production at 567,900 bpd, with 2024 levels slightly higher at 579,700 bpd.
"Previously Cepu's lifting was at 150,000 bpd, so our total lifting from Cepu will be 180,000 bpd or in other words 25 per cent of total national lifting," energy minister Bahlil Lahadalia said during a livestreamed ceremony marking the production increase.
The Banyu Urip project, operated by Exxon in partnership with state energy company Pertamina, has the potential to produce 1 billion barrels of oil, the energy ministry previously said.
The Indonesian government is keen to reverse the declining production trend and is targeting an increase in lifting to one million barrels of oil and 12 billion standard cubic feet per day of gas by 2030.
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