PetroChina?s cost recovery rises to $245 million

PetroChina?s cost recovery has increased to US$245 million in 2003 from $238 million in 2002. At the same time, PetroChina will only contribute $165 million to the state coffers, Koran Tempo and Investor Indonesia newspapers reported on Tuesday.

PetroChina ?s president Wei Zhi Gang told reporters on the sidelines of a hearing with House of Representatives Commission VIII on Monday that the main factor for increase in company?s cost recovery was development of liquefied petroleum gas project Jabung.

He mentioned about how his company was able to cut its cost recovery of $317 million in 2001 to $238 million in 2002 after it took over Devon Energy.

PetroChina is currently operating six oil and gas blocks in Indonesia. Out of six blocks, four blocks have already producing oil and gas, while the remaining two are the exploration process. The company is producing 22,000 barrels per day and 42 million cubic feet pr MSCFD from Jabung, in Sumatra. (*)