Foreign investors express interest to invest in CPP Block

Foreign investors from Saudi Arabia, England, South Africa and Malaysia expressed interest to invest and participate in the management of the Coastal Plain Pekanbaru (CPP) oil block in Riau province, according to the local Riau Post daily.

The paper said that the foreign investors met with the Riau provincial legislative council on Friday.

The investors include Amlac Ltd from South Africa, Bank Islam from Saudi Arabia, and Dataran Isibumi SDN Bhd from Malaysia.

The CPP oil block is currently being managed by Caltex Pacific Indonesia, whose contract will end in August this year and to be taken over jointly by the Riau government and the state-owned oil and gas firm Pertamina.

CPP currently has a 50,000 barrel per day production level.(*)