Banyu Urip project
The Banyu Urip project is the first development under the Cepu Contract Area and involves the development of the Banyu Urip oil field. The Banyu Urip field discovery was announced in April 2001 and is estimated to contain approximately 450 million barrels of oil.
At planned peak production, Banyu Urip is expected to produce as much as 165,000 barrels of oil per day. At this expected peak production ratio, the government of Indonesia will receive $4-17 billion (based on assumed $20-50/bbl oil price) over the life of the project, including taxes, bonuses, Domestic Market Obligation and the government’s share of the oil. In addition, Pertamina and local government companies could earn $0.9-1.6 billion total as contractor parties (under the same price assumption).
Early Production Facilitiy (EPF) first oil production in limited quantities from the Banyu Urip field commenced in December 2008. The EPF with capacity to produce up to 20,000 barrels of oil per day started in August 2009.