January 27, 2010 / 10:08 AM / in 9 years

Exxon sees peak Cepu oil output delayed to end-2013

JAKARTA, Jan 27 (Reuters) - The Indonesian unit of U.S. oil major Exxon Mobil (XOM.N) expects peak crude oil production of 165,000 barrels per day (bpd) from its Cepu block to be delayed until the end of 2013, a company official said on Wednesday.

An Exxon Mobil Indonesia official had previously said the company hoped for peak production at Cepu in 2012.

Cepu, in Central Java, ranks among the U.S. major’s top 10 projects worldwide. For a factbox see [ID:nJAK406120].

It is being jointly developed by Exxon Mobil and Indonesian state oil firm Pertamina, and began initial production with a volume of around 800 bpd in December 2008.

“Our target for 165,000 bpd output is by the end of 2013,” Maman Budiman, a senior vice president at Exxon Mobil Indonesia, told a parliamentary commission hearing.

Budiman said Cepu currently produces around 18,000 bpd, supplying a small refinery in Central Java and also Pertamina.

Indonesia, which has turned into a net importer of crude oil in recent years, is counting on Cepu to help make up for flagging output from its ageing fields.

For a story on Exxon and Indonesian investment hurdles, click on [ID:nJAK475254].

Reporting by Muklis Ali; Editing by Neil Chatterjee

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