Chevron to invest $900m to develop two fields in Duri

PT Chevron Pacific Indonesia (CPI), a subsidiary of American energy giant Chevron Corporation, has prepared US$900 million to develop two new fields in Duri area of Riau.

The North Duri Area 13 and Area 14 fields are expected to produce a combined 45,000 barrels of oil per day when the come into production in 2014.

"Investment for each of the Area 13 and 14 fields is equal the amount spent for the Area 12," CPI's President Director Suwito Anggoro was quoted by Detik.Com on Wednesday as saying during the ceremony to inaugurate the North Duri Area 12 operation.

In a statement distributed to the press, CPI explains that the firm invests up to $1.3 billion for the three fields, including $450 million for the Area 12 field.

Meanwhile, R Priyono, the head of oil and gas upstream regulatory boddy BPMIGAS, said the development of the Area 13 and 14 are expected to be started next year.

"The output from both the Area 13 and 14 may reach 45,000 barrels per day. This will help curb the decline in (the country's oil) production rate," he said.

He explained that CPI needed to drill 2000 wells within the three fields through which steam will be injected into the grounds to help push the oil trapped among stones onto the surface. The construction and production process will simulataneously last for 8 years. (*)