ChevronTexaco?s Indonesian net oil production down 85,000 BPD in Q1

U.S. oil giant ChevronTexaco reported Friday its Indonesian net liquids production dropped by approximately 85,000 barrels per day (BDP) to 205,000 BPD in the first quarter of 2003 from 290,000 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 higher prices on cost-oil recovery volumes under production-sharing terms and the expiration of Coastal Plain Pekanbaru (CPP) production sharing contract (PSC) in the third quarter 2002.

?Excluding the effects, production would be down only 5,000 BPD due to shut-in wells and reduce work activities as the result of high rainfall and associated flooding,? company?s investor relations manager Pierre Breber explained in Earnings Conference Call.

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)