Remaining oil reserves at CPP oil block reach 1.42 billion barrels

Remaining oil reserves at the Coastal Plain Pekanbaru (CPP) oil block which will be transferred to a consortium of state owned oil and gas Pertamina and Riau-administration owned company from current operator PT Caltex Pacific Indonesia (CPI) reach about 1.42 billion barrels, Suara Pembaruan reported on Wednesday.

Vice President for Caltex?s CPP Block Operation, Ismatullah Genelum, said in Riau on Tuesday that Caltex had so far produced about 580 million barrels since it started the operation of the oil field 20 years ago.

"Since the beginning if its operation, we estimated that oil reserves in the CPP oil bloc reached two billion barrels. Since its operation, Caltex managed only to produce about 580 million barrels or 42,000 barrels per day," Ismatullah said.

The CPP oil block is part of Caltex Pacific Indonesia?s oil concession areas in Riau. Caltex has to transfer the oil block to a consortium of Pertamina and Riau-owned company in August this year as the government refuses to extend its 20-year contract. The contract actually ended in August last year but the oil giant was given another one year to give new operator more time to prepare for the new job.

At present, the oil block produces 40,000 barrels per day, far lower than 70,000 barrels per day in the previous years. In addition to CPP, Caltex also operates several other oil blocks in the province. (*)