Exxon Mobil Signs Java Pact

The company has an agreement with a unit of Indonesia's petroleum company.
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Exxon Mobil

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has signed an agreement with a unit of Indonesia's government-owned petroleum company PT Pertamina to develop the Cepu area located in east and central Java.

The agreement enables the partners to begin making the investments required to develop the area's resources and continue exploring the block. Pertamina and Exxon Mobil each will provide management oversight, technology and workers under the agreement.

Pertamina and Exxon Mobil each hold a 50% interest in the contract. Shares of Exxon Mobil were down 9 cents to $60.72 Wednesday.