Caltex suffers potential losses of $1 million per year
Tuesday, May 20 2003 - 07:51 AM WIB
Oil producer PT Caltex Pacific Indonesia (CPI) has suffered potential losses of US$1 million annually over the past three years due to security problems and natural disasters, company president director Humayun Bosha said Tuesday.
?Our oil production activities were disrupted because people stole our operational equipment. Our annual potential losses have amounted to $1 million over the past three years,? Humayun told reporters.
Flooding had also disrupted CPI?s operation, Humayun said.
CPI is Indonesia?s largest crude oil producer with its output accounting for 40 percent of Indonesia?s total crude oil production. It manages the giant Minas and Duri oil fields in Riau.
The company is a unit of U.S. oil giant ChevronTexaco. Its Indonesian net liquids production reached approximately 263,000 barrels per day in 2002. (godang)