ChevronTexaco to farm out N. Sumatra exploration block

Caltex Pacific Indonesia (CPI), a unit of US oil giant ChevronTexaco, is in talks to farm out Kisaran exploration block onshore North Sumatra, a company official said Friday.

?CPI is in negotiation with three oil firms about the farm out, which, hopefully, will be completed by the end of this month,? W. Yudiana, CPI president told Petromindo.Com. He declined to say the names of the three firms, saying only that they are local and overseas firms. He laso declined to reveal whether CPI will retain working interst in the block.

CPI currently holds 100 percent working interest in the block, which it acquired in 2001. Thus far, the company had not drill any well in the block.

Kisaran PSC Block is located just north of CPI operations area in Central Sumatra with the total size approximately 4354 sq. km.

CPI is currently Indonesia?s top crude producer with production of around 500,0000 barrels per day. (godang)