Agnes Valentina Christa, Bambang Ismoyo, Jakarta – The Cepu oil block in East Java, operated by ExxonMobil, has become Indonesia's largest oil production source, contributing 25 percent of the country's total crude output, according to Energy and Mineral Resources Minister Bahlil Lahadalia.
Located in Bojonegoro Regency, the Cepu Block is also a significant contributor to state revenue.
"The investment in the Cepu Block totaled $4 billion, but it has already generated $35 billion, or around Rp 567 trillion, for the state," Bahlil said in Jakarta on Thursday.
The block has recently boosted its production capacity from 150,000 barrels per day (bpd) to 180,000 bpd, thanks to the addition of four new wells drilled last year, he added.
Indonesia has set a target to increase its national oil production to between 900,000 and 1 million bpd by 2029, as part of broader efforts to strengthen energy security.
Bahlil made the statement while accompanying President Prabowo Subianto, who officiated the inauguration of the new wells at the Cepu Block virtually from Jakarta.
The expansion of the Cepu Block is part of Indonesia's broader strategy to achieve energy self-sufficiency, alongside the launch of renewable energy projects across 15 provinces on the same day.
With the latest additions, the Cepu Block now operates a total of 35 active oil wells.