Soon after that, the US company found huge reserves that Pertamina had failed to locate in 30 years of exploration. However, Indonesia has insisted that Exxon Mobil share a portion of its find with Pertamina, in exchange for an extension of Exxon Mobil's contract over the area by 20 years.
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Indonesia Wants Exxon To Share The Benefit
The Indonesian government has asked state-owned oil and gas firm
The Indonesian government has asked state-owned oil and gas firm Pertamina to reopen negotiations with Exxon Mobil Corp., about the development of a key oil field on the island of Java.
Indonesian Economy Minister Aburizal Bakrie said he has also spoken with Exxon Mobil about beginning negotiations with Pertamina, but didn't elaborate.
Exxon Mobil bought rights to the Cepu field in 2000 from a company run by a son of Indonesia's ex-dictator Suharto, which got the rights to exploit the field from Pertamina under a technical assistance contract.
Soon after that, the US company found huge reserves that Pertamina had failed to locate in 30 years of exploration. However, Indonesia has insisted that Exxon Mobil share a portion of its find with Pertamina, in exchange for an extension of Exxon Mobil's contract over the area by 20 years.
Soon after that, the US company found huge reserves that Pertamina had failed to locate in 30 years of exploration. However, Indonesia has insisted that Exxon Mobil share a portion of its find with Pertamina, in exchange for an extension of Exxon Mobil's contract over the area by 20 years.
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