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Indonesia’s energy ministry said Thursday an additional 30K bbl/day of oil have been produced at the Exxon Mobil-operated (NYSE:XOM) Cepu block, raising total lifting from Cepu to 180K bbl/day and now accounting for 25% of the country’s total oil production.
The boost comes as Indonesia struggles with declining national production: While its 2024 oil lifting target was set at 605K bbl/day, average production for the January-to-May period was just 579,700 bbl/day, up slightly from 567,900 bbl/day in the same period a year ago.
The Banyu Urip project, operated by Exxon (XOM) in partnership with state energy company Pertamina, has the potential to produce 1B barrels of oil, the energy ministry has said.
The Indonesia government aims to reverse its declining production trend, with ambitious targets of 1M bbl/day of oil and 12B cf/day of natural gas by 2030.