CPP oil block transferred to Indonesian consortium
Friday, August 9 2002 - 02:48 AM WIB
Indonesia?s largest crude producer PT Caltex Pacific Indonesia (CPI) on Friday officially transferred Coastal Plain Pekanbaru (CPP) oil block in Riau to a consortium of the upstream section of state oil and gas firm Pertamina and PT Bumi Siak Pusako which is wholly owned by the Siak regency administration.
The oil block transfer ceremony took place at Zamrud oil field in the CPP block.
On Tuesday, CPI, Pertamina and PT Bumi Pusako top leaders signed in Jakarta documents pertaining to the handover of the oil block.
The CPP block, located in Siak regency, is part of CPI?s oil concession areas in Riau. The oil block handover ended CPI?s 20-year contract to manage and operate it.
The block, which has 28 oil fields, produces some 40,000 barrels per day (BPD) of oil.
CPI is a unit of world energy giant Chevron Texaco, and is Indonesia?s largest onshore oil producer. (alex)