Pertamina, Riau reaches agreement on CPP oil block

State oil and gas firm Pertamina said on Wednesday that it had reached agreement Riau provincial administration to co-manage Coastal Plain Pekanbaru oil block in Riau province when the contract with current operator PT Caltex Pacific Indonesia expired in August this year.

?Pertamina and Riau will form fifty-fifty consortium to manage CPP block. We will sign the agreement Thursday morning,? said Iin Arifin Takhyan, Pertamina?s upstream director.

CPP currently produces some 50,000 barrels of oil per day. (godang)