Companies / Indonesia
Exxon Investment Pledge To Aid Indonesian Output Position
July 2006 | Project NewsUS oil major ExxonMobil has pledged to invest some US$1.1bn in Indonesia's Cepu oil development while the government in Jakarta announces an oil and gas licensing round to attract further investment to the country. The saga of Exxon's involvement with Cepu appears to be heading towards a happy conclusion, with the firm intent on continuing investment and development work after a deal was stuck with national energy group Pertamina. After concluding the fraught negotiations, the Indonesian government can now concentrate on shoring up the country's declining output position. Pertamina alone cannot stem the tide, so the government is looking abroad
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