ChevronTexaco’s Indonesian net oil production down 31% in Q3

U.S. oil giant ChevronTexaco reported Friday its Indonesian net liquid production had declined by approximately 31 percent to 226,000 BPD in the third quarter of 2003 from 257,000 BPD in last year’s corresponding quarter.

The company explained that the decline in Indonesian production was primarily due to the effect of lower cost-oil recovery volumes under production sharing terms, the expiration of Coastal Plain Pekanbaru (CPP) production sharing contract (PSC) in the third quarter of 2002.

ChevronTexaco's subsidiary PT Caltex Pacific Indonesia is the country's largest oil producer, producing 40 percent of Indonesia's crude production from its three production sharing contracts in Central Sumatra. ChevronTexaco also has a 25 percent non-operating interest in the South Natuna Sea Block B, which is operated by ConocoPhillips.

ChevronTexaco Indonesian net liquids production reached approximately 263,000 BPD in 2002. (robert)