Indonesia's state oil and gas company PT Pertamina and US oil company Exxon Mobil signed a contract
Indonesia's state oil and gas company PT Pertamina and US oil company Exxon Mobil Corporation, through their respective sister companies, have signed a contract to set up a joint venture to develop the Cepu Block.
Later, cooperation mechanism in exploration of the Cepu Block would be established through the JOA by Pertamina and Exxon Mobil, he said.
The cost as claimed by Exxon Mobil was 450 million US dollars, while Pertamina only approved 150 million US dollars.
Cepu block is expected to enable Indonesia to produce more crude oil from 150,000 to 200,000 barrels per day.