Caltex to maintain current output level<\/p>\n
JAKARTA (JP): PT Caltex Pacific Indonesia, state oil company
\nPertamina's major production sharing contractor, has ruled out
\nany plans to raise its crude-oil output despite an increase in
\nthe country's crude-oil production quota.<\/p>\n
Caltex senior executive Djati Susetya said in Pekanbaru on
\nSaturday that the company's crude-oil production would be
\nmaintained at the current level of 740,000 barrel per day (bpd).<\/p>\n
He said Caltex could not benefit from the rise in the
\ncountry's oil-production quota because raising production would
\nrequire the company to increase its investment.<\/p>\n
\"We will just continue our production activities at the Duri
\nand Minas fields\", he was quoted as saying by Antara news agency.<\/p>\n
The Organization of the Petroleum Exporting Countries (OPEC)
\nagreed in a meeting in Vienna late last month to raise total
\noutput from 1.42 million bpd to 21.06 million beginning this
\nmonth.<\/p>\n
Indonesia is, under the agreement, required to increase its
\nproduction to 1.28 million bpd from 1.18 million.<\/p>\n
Meanwhile, PT Medco Energi International, another crude-oil
\nproducer, said on Saturday it would increase the crude oil output
\nby 30 percent to 740,000 bpd this year from about 560,000 at
\npresent.<\/p>\n
Medco's president, Jhon S. Karamoy, said at Palu, Central
\nSulawesi, that the company would optimize production activities
\nat its oil fields in Indonesia and Myanmar in a bid to reach the
\nproduction target.<\/p>\n
He also said the company would begin exploration activities
\nsoon at its oil and gas fields at Senoro and Toili in Benggai,
\nCentral Sulawesi.<\/p>\n
Karamoy said that exploration at the gas fields in Senoro,
\nwhich have gas reserves of about 1.5 trillion cubic feet, would
\nstart soon.<\/p>\n
\"The fields are expected to start commercial production by
\n2002, and we hope the gas fields will be able to produce about
\n200 million cubic feet a year,\" he said.<\/p>\n
He said that the 30-year contract, which was in the
\npreparation process, would produce about 200 million cubic feet
\nof natural gas per year from the 475 square-meter field
\nexploration.<\/p>\n
PT Inco, an Indonesian subsidiary of a Canadian nickel
\nproducer, is one of several potential buyers of the gas. Earlier
\nreports state that the nickel producer would buy between 50
\nmillion cubic feet and 80 million cubic feet of gas a year from
\nMedco. (07)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/caltex-to-maintain-current-output-level-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
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