ChevronTexaco's oil output in RI falls

ChevronTexaco's oil output in RI falls

JAKARTA: ChevronTexaco Corp., the second- largest U.S. oil
company, said its oil production in Indonesia declined by about 5
percent last year because the company hasn't explored in new
areas to replace older fields in Sumatra.

The company plans to spend as much as US$300 million this year
to stem a decline in its production after output fell to 507,000
barrels a day in 2004, said W. Yudiana Ardiwinata, president
director of ChevronTexaco's unit, PT Caltex Pacific Indonesia.

The company expects its production to fall at a slower rate
this year, he told reporters on Tuesday.

Caltex Pacific, the country's biggest oil producer, will
inject chemicals into its fields to stem a production decline,
Ardiwinata said. -- Bloomberg