Cepu oil production increases to 170,000 bpd

By Febry Silaban

Oil production at the Banyu Urip field in the Cepu block has recently increased to nearly 170,000 bpd, exceeding its production peak target of 165,000 bpd.

Adriansyah, President Director of PT Pertamina E&P Cepu (PEPC), which holds a 45 percent interest in the block, said that under the plan of development (POD), the Cepu block, which is located in the border areas of East and Central Java, was projected to reach peak production of 165,000, which was expected to last for three years.

?Production is now close to 170,000 bpd. Peak production according to POD is 165,000 bpd, but in recent days, it has reached 170,000. The peak production was expected to last for three years, but there is possibility to be longer in line with our drilling programs, and improving knowledge, and higher recovery factor,? said Adriansyah.

PEPC is a subsidiary of state-owned oil and gas PT Pertamina. ExxonMobil Cepu Ltd holds another 45 percent interest in the block as operator, while the remaining 10 percent are held by minority local investors.

The Cepu block is the most significant oil recovery in the past decade in the country. Current output accounts for about 20 percent of the country?s oil lifting, according to Adriansyah.

Editing by Reiner Simanjuntak