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Pertamina to invest $500 million in Banya Urip field

Published Sep 23, 2008
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Indonesia’s state player Pertamina is reportedly planning to invest US $500 next year on the much delayed Cepu development in East Java which holds the Banyu Urip field, which it is developing with ExxonMobil.

The project will cost around $2 Bn to develop and has seen its start-up date delayed to February or March 2009. Original bidding on this project was well advanced back in 2002 before internal squabbling with ExxonMobil caused the whole scheme to be repeatedly delayed for numerous reasons.

Pertamina and ExxonMobil each hold a 45% stake in the project, while local government units hold the remaining 10%.