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Jakarta Post

Investment for Cepu, Senoro, Tangguh more than doubles

  • Alfian

    The Jakarta Post

Jakarta   /   Mon, February 1 2010   /  11:10 am

Skyrocketing 2008 oil prices caused a big increase in the investments needed for the Cepu, Senoro and Tangguh oil and gas projects, doubling initial costs, upstream oil and gas regulator BPMigas reported recently.In a recent hearing with lawmakers from the House of Representatives Commission VII overseeing energy and mineral resources, BPMigas’ deputy chief for planning Achmad Luthfi said the investments for the development of the Cepu oil block and the Senoro and the Tangguh gas fields had more than doubled from their initial plans of development (POD).“The sharp increase in oil prices had pushed up the prices of equipment needed for the development of the blocks,” Luthfi said.He said the investment for development of the Banyu Urip oil field in the Cepu block operated by US oil and gas giant ExxonMobil’s subsidiary Mobil Cepu Ltd. had almost tripled to US$3.58 billion from $1.1...