- 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
Public Company Information:
IRVING, Texas--(BUSINESS WIRE)--ExxonMobil 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 Indonesia.”
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.
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