Chevron to produce below 400,000 BPD next year

Indonesia?s top crude producer PT.Chevron Pacific Indonesia (CPI) expects production from its central Sumatra operations to further decline in 2008 due to reserves depletion.

VP Supply Chain Management Iwan Djalinus told parliamentary hearing in Jakarta on Wednesday that the company, which is a unit of US oil major Chevron Corp., will be budgeted to produce crude at the rate of 398,000 BPD in 2008.

Djalinus said that CPI?s 2007 actual production would stand at 423,000 BPD, beating the 415,000 BPD target set earlier.

Djalinus said CPI will drill 74 new production wells in 2008.

CPI operates several blocks in Central Sumatra.

CPI President Suwito Anggoro said in August 2007 interview that the company is trying to arrest production natural decline to 7-8 percent per year. (godang/bernard)