Chevron Indonesia expects to produce 28,000 bpd of oil this year

Chevron Indonesia Company (CICo), a subsidiary of US oil giant Chevron Corp. expects to produce 28,000 barrels per day (bpd) of oil this year, or above the government?s target of 23,000 bpd from its East Kalimantan oil, gas blocks,

A.S Rizal, the deputy to the chairman of oil and gas upstream regulatory body BPMIGAS said in Balikpapan Monday that the agency was upbeat that CICo?s production target could be achieved given their track record in the previous years

He said that the company produced 26,170 bpd in 2010 or 11.88 percent above the government?s target of 23,400 bpd.

Rizal said that CICo would implement a number of strategies in order to limit the depletion of oil production in the company?s existing wells.

CICo?s VP for policy and government and public affairs Yanto Sianipar said that the company has successfully been able to reduce the natural depletion of its oil production to 5 percent, far lower than the national average of 18 percent. (*)