Minister of Energy and Minieral Resources (ESDM), Bahlil Lahadalia has asked ExxonMobil Cepu Ltd to increase its production capacity to 150,000 barrels of oil per day (bpd) in 2026 in an attempt to maintain Indonesia’s oil production which is currently experiencing a downward trend.
“Currently, the national oil production level is around 577 thousand bpd. Of that amount, the Cepu Block still contributes around 144 thousand bpd, making it one of the largest nationally,” Bahlil said on Monday, September 30, 2024.
He emphasized the importance of efforts to increase production to reduce the oil deficit faced by the country, citing that increase in oil production can have a major impact on state revenues and the country’s foreign exchange reserves.
Therefore, Bahlil asked ExxonMobil Cepu Ltd President Director Carole Gall to increase the production target from 125 thousand bpd to 150 thousand bpd in 2026.
In response, Carole said that her party is fully committed to increasing the production of the Cepu Block. One of the steps that has been taken is through the first oil production from Banyu Urip infill clastic drilling in 2024, which has produced 13,300 bpd.
“This is an important step in our efforts to continue to increase production from the Cepu Block. We are truly making history with Banyu Urip infill clastic drilling,” Carole said.
A number of domestic oil producers recorded a downward trend in oil production based on the Q1 2024 period:
- Pertamina Hulu Rokan 157,226 bpd, down 2.72 percent;
- Exxonmobil Cepu 143,946 bpd, down 7.40 percent;
- Pertamina EP 66,468 bpd, down 4.25 percent;
- Pertamina Hulu Mahakam 25,527 bpd, down 3.68 percent;
- Pertamina Hulu Energi ONWJ 24,962 bpd, down 6.09 percent;
- Pertamina Hulu Energi OSES 19,855 bpd, up 13.39 percent;
- Petrochina Jabung 14,652 bpd, down 4.25 percent;
- PHSS 10,580 bpd, down 3.48 percent;
- Medco E&P Natuna 9,991 bpd, down 5.66 percent;
- PC Ketapang II 8,770 bpd, down 9.34 percent;
- Other KKKS 96,295 bpd, down 5.7 percent.
