Caltex to invest US$900 million this year
Wednesday, March 3 2004 - 02:20 AM WIB
PT Caltex Pacific Indonesia has allocated about US$900 million in its budget this year to finance exploration and production activities in a number of its oil fields in Riau province, Bisnis Indonesia reported on Wednesday.
Caltex Indonesia senior vice president, W. Yudiana Ardiwinata, said in Jakarta on Tuesday that this year’s budget for exploration, production and routine activities was relatively the same with that in the previous year.
“Caltex will use about US$10 million for the preparation the drilling of the Kisaran oil block in North Sumatra, and hopefully the drilling could be carried out this year, ” he said.
He said that the company was still analyzing the result of the seismic survey to find out the actual oil reserves in the Kisaran block. (*)