Oil production in Riau down by 10 percent annually<\/p>\n
Puji Santoso, The Jakarta Post, Pekanbaru<\/p>\n
PT Caltex Pacific Indonesia, the country's largest oil producer
\nsituated in Riau province, is facing a sharp decrease in
\nproduction by around 10 percent annually due to the reducing oil
\nreserves in its aging wells.<\/p>\n
The company's president director, Wahyudi Yudiana Ardiwinata,
\nsaid Caltex was struggling to maintain its production level.<\/p>\n
"It is not possible for us to increase production. But we can
\ntry to keep the decrease at between 3 percent and 5 percent," he
\nsaid on Friday after awarding scholarships to high school
\nstudents in the city.<\/p>\n
At present, Caltex produces 500,000 to 520,000 barrels per day
\n(bpd) of crude oil from its wells across Riau province.<\/p>\n
Caltex is the largest oil producer in Indonesia with
\nproduction across the country reaching 499 million bpd in 2004.<\/p>\n
The country's oil production has decreased over the past
\ndecade due to the aging field and lack of new oil exploration
\nnationwide. Due to the decreasing production, the country is
\nconsidering resigning from the Organization of Petroleum
\nExporting Countries (OPEC).<\/p>\n
Wahyudi further said that to explore some existing wells the
\ncompany would need more investment.<\/p>\n
"Exploration costs are too high compared to the remaining oil
\nreserves," he said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/oil-production-in-riau-down-by-10-percent-annually-1447893297",
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