Caltex aims to maintain current production rate in 2004

Indonesia's top oil producer Caltex Pacific Indonesia said on Tuesday that it was seeking to maintain crude production at around 520,000 barrels per day in 2004, or similar to this year's daily production target.

"Despite maturing operations, Caltex still have adequate oil reserves to pump. Caltex will invest around US$ 350 million per year to maintain the production level," said company president Humayunbosha.

Caltex, a wholly owned subsidiary of ChevronTexaco operates a huge oil complex in Riau province.

Humayunbosha said that security concerns that had been one of the company's main stumbling blocks to keep production rate had been improving lately. "Except for minor thefts, I can say that security condition is improving in Caltex's working area," he said. (alex)