Cepu Block deal must be signed by Sept. 25

President Susilo Bambang Yudhoyono urged officials on Friday to close a $2 billion dollar deal over the Cepu oil bloc with Exxon Mobil Corp by Sept. 25, the country's chief economics minister Aburizal Bakrie said.

"The president stressed that the negotiation on Cepu block must be concluded according to the timing that is on September 25," Aburizal Bakrie told reporters.

"Cepu block is very important to boost our oil production. That will cut oil imports," he said.

Jakarta is facing a steady decline in production and a widening budget deficit due to rising oil imports.

Indonesia said in June it reached a tentative deal with Exxon on Cepu's development. But state oil firm Pertamina has since then been seeking better terms.

Pertamina owns the Cepu block, but under the tentative deal Exxon Mobil is set to be the operator. Revenue, when production begins, will be shared by the two companies and the government. (*)