The High Cost of Cepu Oil
The production-sharing formula on Cepu may not be profitable. The results of the audit could be in doubt.
March 28, 2006
ABDUL Mutalib Masdar still remembers his encounter with an expatriate working for ExxonMobil on a three-dimensional seismic survey in Bayu Urip, in the East Java district of Bojonegoro three years ago. Abdul, a geologist, was told that 32 expats worked on the project from 2000 to 2001. Its a waste of money [with too many working on the project], he told Tempo on Wednesday last week.
Abdul, who is Chairman of the Indonesian Association of Geologis
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