Chevron's Indonesian unit to spend 1 billion dollars to boost output

0 Comments | AFP, October, 2006

JAKARTA (AFP) — ChevronTexaco's Indonesian unit is to spend a billion dollars to help boost output at its declining oil fields in Riau province, company president Suwito Anggoro said. Enhanced oil recovery technology would be used to limit the decline in output there to eight to nine percent per year, he told reporters late Sunday.

Chevron Pacific Indonesia's output is 500,000 barrels of oil per day (bpd), nearly half of the country's entire output. Its Riau operations account for about 430,000 bpd. Anggoro said the company was also planning to invest six billion dollars in developing a gas field off the province of East Kalimantan. He gave no further details. The gas field is expected to start production in 2012, although Indonesian Vice President Jusuf Kalla has asked the...