Indonesia, Exxon Mobil conclude Cepu oil deal

Indonesia and U.S. petroleum giant Exxon Mobil Corp. signed a revenue- and production-sharing agreement that will allow the U.S. firm to tap East Java province's massive Cepu oil field and meet Indonesia's growing domestic demand for oil.

The two companies agreed Saturday to a 30-year production agreement to tap Cepu, which contains estimated reserves of 600 million barrels of crude oil. The agreement ends a long-simmering dispute between the two sides that Indonesia has blamed for souring prospective foreign investor sentiment here and contributed to its inability to meet domestic oil needs.

(2005-09-19 22:58:30 SGT) [Energy] Permalink

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