Cepu oil reserves estimate raised significantly
Monday, February 8 2010 - 04:47 AM WIB
PT Pertamina EP Cepu, a unit of state oil and gas company PT Pertamina that has 45 percent interest in giant Cepu block in Central and East Java said Monday that recoverable oil reserves at the block has been significantly increased following a petro- physics review on the block.
Pertamina EP Cepu President Director Haposan Napitupulu told Petromindo.Com that the latest estimate for reserves at the block is 450 million barrels of oil (MMBO), up from 352 MMBO estimated earlier.
The block has started initial production and is expected to plateau production of 165,000 BPD in late 2013.
US super major is the block operator with 45 percent interest. (godang)