ChevronTexaco?s Indonesian net oil production down 14 percent in Q2

U.S. oil giant ChevronTexaco reported Friday its Indonesian net liquids production had declined by approximately 13.7 percent to 227,000 BPD in the second quarter of 2003 from 263,000 BPD in last year?s corresponding quarter.

ChevronTexaco said the decline in Indonesian production, which is the largest decrease of the company?s total liquids production in the quarter, 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 and normal field declines.

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)