Production increases to more than 130,000 barrels of oil per day
Expected to produce 450 million barrels of oil over its lifetime
Banyu Urip to represent approximately 20 percent of Indonesia’s 2016
oil production target
announced today the successful and safe startup of the onshore central
processing facility at the Banyu Urip field in Indonesia, helping
increase production to more than 130,000 barrels of oil per day.
With the central processing facility now online, production will
continue to increase in the coming months. Once full field production is
reached, Banyu Urip will represent approximately 20 percent of
Indonesia’s 2016 oil production target.
“This milestone demonstrates ExxonMobil’s project management expertise
and illustrates the strong partnerships we share with our Indonesia
co-venturers and contractors, the government, and the community,” said
Neil W. Duffin, president of ExxonMobil Development Company. “Our top
priority has always been the safe and cost-effective delivery of a
reliable project that would result in decades of oil production for
Banyu Urip is expected to produce 450 million barrels of oil over its
lifetime. The project consists of 45 wells producing from three well
pads, an onshore central processing facility, a 60-mile onshore and
offshore pipeline and a floating storage and offloading vessel and
tanker loading facilities in the Java Sea. ExxonMobil, partnering with
PT. Pertamina EP Cepu and the Cepu Block Cooperation Body, commenced
production from Banyu Urip in late 2008, and output has increased as
additional facilities were brought online in 2014 and 2015.
“Banyu Urip is helping drive economic growth in Indonesia and has led to
the training and employment of thousands of Indonesians,” Duffin said.
Banyu Urip has been successfully developed by five Indonesia-led
contractor consortiums responsible for engineering, procurement and
construction. Together they employed more than 17,000 Indonesian workers
at peak levels, representing 95 percent of the project’s overall
workforce, and utilized more than 460 Indonesia subcontractors.
ExxonMobil Cepu Limited, project operator, has a 45 percent interest in
Banyu Urip, PT. Pertamina EP Cepu holds 45 percent and four local
government entities under the Cepu Block Cooperation Body – PT. Blora
Patra Hulu, PT. Petrogas Jatim Utama Cendana, PT. Asri Darma Sejahtera,
and PT. Sarana Patra Hulu Cepu – hold the remaining 10 percent.
ExxonMobil expects to increase its global production volumes in 2015 to
4.1 million oil-equivalent barrels per day. The volume increase is
supported by the ramp up of projects completed in 2014 and the startup
of major developments in 2015.
CAUTIONARY STATEMENT: Statements of future events or conditions in this
release are forward-looking statements. Actual future results, including
project plans, schedules, timing and capacities; production rates;
ultimate recoveries and global production volumes could differ
materially due to changes in market conditions affecting the oil and gas
industry or long-term oil and gas price levels; political or regulatory
developments; reservoir performance; technical or operating factors;
fiscal and commercial terms; and other factors discussed under the
heading "Factors Affecting Future Results" on the Investors page of our
website at exxonmobil.com. References to oil volumes in this release may
include quantities that are not yet classified as “proved reserves”
under U.S. SEC definitions but that we expect will ultimately be
produced. The term "project" as used in this release does not
necessarily have the same meaning as under any government payment
transparency reporting rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151213005047/en/
Copyright Business Wire 2015
Source: Business Wire
(December 14, 2015 - 2:00 AM EST)
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