Caltex to maintain output despite losing CPP oil block

Caltex Pacific Indonesia (CPI), the country?s largest oil contractor said on Wednesday it would be able to maintain its current level of production despite losing Coastal Plain Pekanbaru (CPP) oilfield which contract would end this August.

?We are currently developing our Duri and Bekasap oilfields to boost production. When CPP oilfield contract end in August, we will be able to offset production loss in CPP from those fields,? said Humayunbosha, CPI?s president on a sideline of a press conference.

Humayunbosha said currently CPI is producing at the level of around 620,000 barrels per day (BPD) with CPP contributing about 50,000 BPD.

He further said this year CPI would spend between US$ 350 million to 400 million in capital expenditure, most of which would be dedicated to develop production facilities at Duri and Bekasap fields.

In August CPI would hand over CPP oilfield to the consortium of state owned oil and gas firm Pertamina and Riau administration.

CPI is a unit of US oil giant Chevron Texaco. (alex)