Pertamina-Bumi Siak to boost CPP oil production to 50,000 BPD in 2003

State oil and gas firm Pertamina and its partner PT Bumi Siak Pusako have planned to increase crude oil production in Coastal Plain Pekanbaru (CPP) Block in Riau Province to 50,000 barrels per day (BPD), from the current 41,000 BPD, Pertamina?s upstream director Iin Arifin Takhyan said on Thursday.

Measures to be taken to materialize their plan would include the drilling of eight new oil wells and work-over of 30 wells, Iin Arifin told reporters.

Iin Arifin said around US$33 million would be invested in the oil project.

?Pertamina will share with Bumi Siak Pusako in the project costs. Our target is that CPP oil fields will be able to produce 50,000 BPD in 2003,? Iin Arifin said.

Bumi Siak Pusako is owned by Siak regency administration in Riau Province. The company and Pertamina formed a consortium to manage and operate CPP Oil Block which was handed over by PT Caltex Pacific Indonesia (CPI) to the Indonesian government early this month.

Pertamina and Riau provincial administration in January signed a 50-50 percent share agreement on the CPP block which is located in Siak regency.

The oil block was part of CPI?s oil concession areas in Riau. The oil block handover ended CPI?s 20-year contract to manage and operate it.

CPI, a unit of world energy giant ChevronTexaco, is Indonesia?s largest onshore oil producer. (godang)