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Jakarta Post

Exxon and Hess win oil and gas blocks

  • Alfian

    THE JAKARTA POST

JAKARTA   /   Thu, April 30 2009   /  11:38 am

US-based oil giants ExxonMobil Corp. and Hess Corp. Wednesday won new oil and gas exploration rights in eastern Indonesia and pledged a total commitment of US$66 million to do so over the next three years. The world’s biggest oil producer Exxon, through its subsidiary Esso Exploration International Ltd, won the rights to explore the Cendrawasih block offshore Papua. It will carry out exploration with a partner, Biak Petroleum LLC. They will invest $40 million in the first three years. Hess, the fifth biggest US oil producer, won exploration rights in the South Sesulu block, off Kalimantan. For the first three years of exploration, it is committed to invest $26 million. The two companies were among the winners of 11 new oil and gas blocks announced by the Energy and Mineral Resources Ministry on Wednesday. The government expects to draw in total investment o...