Chevron continues studying Kisaran block?s prospect

PT Chevron Pacific Indonesia (CPI), a subsidiary of American oil giant Chevron Corp, will continue studying the potentials of its Kisaran block in North Sumatra .

           

Chevron spokesperson for Indonesia Santi Manuhutu told Petromindo.Com that the company had asked oil and gas upstream authority BPMIGAS to extend its exploration permit for another four years in April this year and the agency had fulfilled the request.

           

“Today (Monday), we received an approval (from BPMIGAS for the extension of exploration permit) and we shall continue making reviews of the prospect of the block before submitting a plan of development,” Santi said in a statement.

           

Earlier, an official of BPMIGAS said CPI had “plugged and abandoned” the field due to unsatisfactory drilling results and a local media recently reported that the firm was in the process of farming out part of its interest in the block.

 

Chevron is the block's operator with a 50 percent working interest. Pacific Oil and Gas has the remaining balance. The joint venture signed a production sharing contract on the block in 2001 with an investment commitment of US$13.25 million for seismic studies, well drilling and geological and geophysical studies. (godang)