Caltex can extend production until 2024
Thursday, August 28 2003 - 03:58 AM WIB
PT Caltex Pacific Indonesia (CPI) has said that the company would still be able to continue production activities of several oil fields in Riau until 2024 despite depleting reserves, Neraca reported on Thursday.
"The oil reserves found in several oil fields in Riau can last for another 20 years," the company's spokesman Hanafi Kadir told reporters.
According to him, although there is a continuing decline in the oil reserves, the production can be maintained at the present level with the use of more advanced technology. At present, Caltex produces about 600,000 barrels of crude oil per day.
The company's production peaked at one million barrels per day in May 1959 but it continued to decline in the following years. The company has now used more advanced drilling technology to enhance the oil drilling capacity. (*)