<p>East Java's Cepu Oil Project Taking Shape on Schedule, Exxon SaysTito Summa Siahaan | December 28, 2012</p><p>Construction of the $1.3 billion Banyu Urip oil project in East Java is progressing well and is on schedule for completion by the end of 2014, said an official from ExxonMobil Indonesia, the project's operator.</p><p>Banyu Urip forms part of the Cepu block, which Exxon Mobil and state-owned energy company Pertamina each have a 45 percent stake. The remaining 10 percent is held by four local government companies under a consortium called Badan Kerja Sama Blok Cepu.</p><p>The block is expected to help Indonesia to once again produce 1 million barrels of oil per day.</p><p><a href="http://www.thejakartaglobe.com/business/east-javas-cepu-oil-project-taking-shape-on-schedule-exxon-says/563807">Keep reading...</a></p>