ExxonMobil announces major Indonesian oil find

Petroleum News Alaska Staff

Exxon Mobil Corp. said April 12 that Mobil Cepu Ltd., an affiliated company, has made a major oil discovery in Indonesia at the Banyu Urip No. 3.

Estimated recoverable oil is in excess of 250 million barrels. The well encountered nearly 1,000 feet of gross oil and over 300 feet of gross gas pay and was tested at nearly 4,500 barrels per day from Middle Miocene carbonate and sandstone formations.

The well is part of the onshore Cepu technical assistance contract in Central and East Java provinces, Indonesia, of which Mobil Cepu is the operator. Pertamina, Indonesia’s state-owned oil company, has accepted an option to acquire a 10 percent share of the project. ExxonMobil said planning for a phased, fast-track development is now under way. Initial production is expected from the Banyu Urip discovery by 2003 through six to 10 wells utilizing an early production system in parallel with activities leading to full field development.