Caltex's investment in RI

JAKARTA (JP): PT Caltex Pacific Indonesia, a joint venture between the United States energy companies Chevron and Texaco, has been investing an average of US$400 million per year in Indonesia to support its oil and gas operations here.

The senior vice president of PT Caltex, J. Gary Fitzgerald, said on Monday in Rumbai, Pekanbaru, Riau, that the company had used the money to upgrade machinery and equipment to introduce greater efficiency into its production and exploration programs.

Antara quoted him as saying that the company had managed to increase the efficiency of its operations last year amid a slump in oil prices.

Production costs have decreased to $2.33 per barrel last year from $3.27 per barrel in 1997 and $3.33 per barrel in 1996, he said. (jsk)