SUBSCRIBER NOTE: Platts proposes new assessment for Indonesia's Banyu Urip crude

S&P Global Platts proposes to start publishing a daily assessment for Indonesia's Banyu Urip crude, which has emerged in recent months as having one of the highest individual production rates in Indonesia. The new assessment would be launched with effect from October 2, 2017.

The field started production of the grade in late 2008, and additional facilities were brought online in 2014 and 2015, leading to a ramp up in production and export capabilities. The current production rate stands around 200,000 b/d or 6 million barrels/month.

The daily assessments would be published as an outright number (at Asia close and London close), and as a differential to Dated Brent (at Asia close).

The Platts assessment would reflect Banyu Urip cargoes for lifting on a FOB basis from FSO Gagak Rimang offshore Central Java, Indonesia. The loading dates reflected by the Banyu Urip assessment would follow the current methodology for other Asia Pacific crudes. Cargoes are therefore typically for loading two months ahead, with a rollover date on the 9th day of the month, or the first business day after.

Banyu Urip crude oil is produced at the Cepu field in Central Java, Indonesia. It currently has an API gravity of 32 degrees with a sulfur content of 0.305% weight and pour point of 27 degrees Celsius. Banyu Urip is typically sold in cargoes of 650,000 barrels and 900,000 barrels with an operational tolerance of plus/minus 5%. ExxonMobil Cepu Limited operates the Cepu project with a 45% stake, other partners in the project include Ampolex Cepu, Pertamina EP Cepu and four local government companies.

Please send all comments, feedback and questions on the proposed change to asia_crude@spglobal.com and pricegroup@spglobal.com by September 15, 2017. For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.