ExxonMobil finds more oil, gas in East/ Central Java TAC
Monday, July 2 2001 - 04:20 PM WIB
The statement said the Banyu Urip #1 well (BU-1), which was drilled to a total depth of 6,070 feet encountered 938 feet of gross oil and 591 feet of gross gas. The well tested at a rate of 4,609 barrel per day from the Middle Miocene Carbonate, Kujung formation and the overlying Ngrayong Sandstone formation. BU-1, which was completed on April, was the second well drilled into the Banyu Urip discovery
On April, Exxon Mobil Corp. announced a major oil discovery in Cepu TAC following the completion of the Banyu Urip # 3 (BU-3) well with estimated recoverable oil in excess of 250 million barrels.
The BU-3 well encountered nearly 1,000 feet of gross oil and over 300 feet of gross gas pay, and oil was tested at a rate of nearly 4,500 barrels per day from Middle Miocene carbonate and sandstone formations.
Industry source said ExxonMobil had spudded Banyu Urip # 2 well on Monday.
"The success ExxonMobil has had in their exploration work in the Cepu TAC is excellent news for Indonesia," said Pertamina's President Baihaki Hakim. "We have been discussing Pertamina's important role in the Cepu Block with ExxonMobil on a normal business basis and expect to reach a mutually agreeable position soon. ExxonMobil is moving forward aggressively in preparing for the planning and development of the Cepu discovery with Pertamina's full support."
Pertamina is intensively negotiating with ExxonMobil Corp to acquire between 10 to 50 percent interest in Cepu TAC.
Advance planning for a phased, fast-track development is under way with initial production expected by early 2003 through an Early Production System. When the field is fully developed, it is estimated that production could rise to 100,00 barrels per day by 2004. (alex)