Caltex sticks to plan of transferring CPP block in August

Oil producer PT Caltex Pacific Indonesia (CPI) will stick to the agreed plan to hand over in August Coastal Plain Pekanbaru (CPP) oil block in Riau to a joint operating body (JOB) formed by state oil and gas firm Pertamina and Riau Province, a senior official of Pertamina said on Wednesday.

Pertamina upstream director Iin Arifin Takhyan said his company and Riau Province?s firm PT Bumi Siak Pusako had allocated certain amounts of fund for JOB to operate CPP block. The body was formed in June.

Iin said the joint operating body would develop five new wells in CPP?s Zamrud field shortly after the block transference.

Pertamina and Riau Province in January signed 50-50 percent share agreement on the CPP oil block. It is located in Siak Regency, Riau.

CPP currently producing 40,000 barrels per day (BPD) of oil, down from 70,000 BPD in the past years. (Godang)