Oil production at CPP is projected to increase to 40,000 bpd
Tuesday, January 13 2004 - 02:42 AM WIB
Senior manager for the joint operation body (JOB) of the CPP oil block, Arudji Pudry said in Jakarta recently that he was optimistic that the production could be achieved due to the operation of 27 oil wells this year.
He said that the 27 new oil wells which were now under exploration works were expected to contribute to an increase in the production by 4,230 bpd from last year’s production level of 36,000 bpd.
“Although there will be a decline in the existing oil wells by 24 percent a year due to the decline in crude oil reserves, the overall crude production will continue to increase due to the operation of the new oil wells,” he added.
Arudji said that the joint operation body would spend about US$74 million this year to finance the exploration works at the new oil wells.
The CPP oil block, formerly owned by Caltex Pacific Indonesia (CPI), is now operated by joint operation body of PT Bumi Siak Pusako (BSP) and state-owned oil and gas firm PT Pertamina. BSP took over the operation of the CPP oil field from Caltex in August in 2002 after the government’s contract awarded to the American oil company ended.
The oil field’s current production is only about 36,000 barrels per day as compared to more than 70,000 barrels per day when it was operated by Caltex. (*)