Pacific Oil&Gas eyeing Chevron?s N. Sumatra exploration block

US oil giant ChevronTexaco is in talks with independent oil firm Pacific Oil&Gas over possibility to farmout some interest in the former?s North Sumatra exploration block to the latter, a Petromindo.Com source said.

The source said that both companies are now in negotiation over Kisaran PSC block, which are located onshore North Sumatra, but short of saying when the talks would be concluded.

ChevronTexaco currently holds 100 percent working interest in the 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.

ChevronTexaco Indonesian unit president W. Yudiana last month said that it was in negotiation with three oil firms. He declined to say the names of the three firms, saying only that they are local and overseas firms.

Pacific Oil&Gas is a company related to Indonesian pulp and paper tycoon Sukanto Tanoto.(godang)