This will become a historic moment as it will add oil and gas supplies. The lifting from the Banyu Urip field will fulfill between 25 to 30 percent of the total national oil supply,'€ he said as quoted by Antara after the launch of an initial lifting at the block on Sunday.

Dwi said oil production in the Banyu Urip field would increase gradually to 80,000 barrels per day, and that by the end of the year, production was supposed to reach more than 165,000 barrels per day.

He said if the target was realized, Banyu Urip would be the most productive oil field in Indonesia.

'€œContributing around 25-30 percent of national oil production, Banyu Urip can help us reduce imports, strengthening our energy resiliency. As we are currently still importing 50 percent of our national oil supply, the field'€™s contribution will be significant," Dwi said.

In the lifting, PT Pertamina EP Cepu (PECP), the upstream subsidiary of Pertamina, will send 550,000 barrels of crude oil to Pertamina'€™s refineries in Balongan and Cilacap, Central Java, using tanker vessel Gunung Geulis, which is owned by Pertamina.

The Cepu Block work contract (KKS) was the result of an agreement signed by the government and KKS contractors on Sept. 17, 2005. The contractors comprise PEPC, which holds 45 percent of ownership shares, ExxonMobil Cepu Limited (EMCL) and Ampolex Cepu PET Ltd, which together hold 45 percent of shares. The remaining 10 percent of shares are held by provincially owned companies. (ebf)(++++)

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