Pertamina, Bumi Siak to invest $ 70 million to boost oil production at CPP block

State owned oil and gas company Pertamina said on Wednesday the joint venture of the Coastal Plains Pekanbaru (CPP) block would invest around US$ 70 million to boost production to an average 50,000 barrels per day (BPD) in 2003.

As previously reported, oil production level from the block was currently at 28,000 BPD or 44 percent down from last year?s production of 50,000 BPD.

"There is potential to increase production in CPP because oil reserves are there. We will speed up drilling activities in the CPP block because we have to produce an average 50,000 bpd in 2003 according to our program," said Eteng Salam, Pertamina?s upstream director.

The block, which is located in Riau province, was transferred in August last year to a joint venture, under a 50:50 percent share, between state-owned oil and gas company Pertamina and the province's company PT Bumi Siak Pusako (BSP) after PT Caltex Pacific Indonesia's contract expired. (*)