Pertamina closes door for Caltex on CPP stake

State oil and gas firm Pertamina said on Monday that it would not include PT Caltex Pacific Indonesia, the current operator of Coastal Plains Pekanbaru oilfield in Riau when the contract is expired in August 2002.

?CPP block will be managed by Pertamina and Riau government and I don?t see the possibility for Caltex to be given stake at the new venture that would manage the block,? Baihaki Hakim, Pertamina?s president director told Petromindo.com on a sideline of a ceremony.

Pertamina and Riau government has been in talks to settle share composition in the venture that would operate the block, which currently produces 50,000 barrels of oil per day. Riau had already eased its demand from 70 percent to 55 percent, while Pertamina had go down from 90 percent to 50 percent.

Baihaki, however, did not rule out the possibility of Caltex, a unit of US giant Chevron Texaco to offer its services to the new venture.

?The new venture could use Caltex?s facilities and for that Caltex will get some fee,? said Baihaki.

Meanwhile, Caltex?s spokesperson Harry Bustaman said that Caltex would welcome any deal as long as the deal is based on business-to-business approach.

Caltex, which operates in Riau, is currently the country?s largest operator, producing more than half of Indonesia?s crude. (alex/godang)