ChevronTexaco pays RI $4.3b<\/p>\n
JAKARTA: ChevronTexaco Corp., the second-largest U.S. oil
\ncompany, said it gave Indonesia's government US$4.3 billion last
\nyear for its share of oil revenue from fields in central Sumatra.<\/p>\n
That was 30 percent higher than the $3.3 billion paid in 2003
\nbecause of an increase in oil prices, said Yudiana Ardiwinata,
\npresident director of ChevronTexaco's local unit, PT Caltex
\nPacific Indonesia.<\/p>\n
\"The increase in oil prices last year has helped offset the
\ndecline in our output,\" Yudiana told a hearing at the House of
\nRepresentatives on Tuesday.<\/p>\n
Caltex's oil production declined by about 5 percent last year
\nto 507,000 barrels a day, Yudiana said. The company expects
\nproduction to decline at a slower rate this year.<\/p>\n
Caltex Pacific, the country's biggest oil producer, operates
\nunder a contract that gives Indonesia's government a 90 percent
\nshare of its production. The company's output has fallen because
\nit has not explored in new areas to replace its older fields.<\/p>\n
The company has pumped 10.5 billion barrels of crude oil out
\nof the 27.4 billion barrels it has in reserves in the central
\nSumatra fields. It produces the Minas and Duri grades. --
\nBloomberg<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/chevrontexaco-pays-ri-43b-1447893297",
"image": ""
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