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#33795 - 09 Oct 06 06:38 ANT/Chevron expects decrease in oil/gas production
biznews Moderator Offline
Pujangga Besar

Registered: 24 Apr 08
Posts: 7508
Loc: Jakarta
Chevron expects decrease in its oil/gas production in Indonesia

Jakarta (Antara News) - US-based Chevron Corporation estimates that its oil and gas production in Indonesia will undergo a decline of 8 or 9 percent to 555,000 barrels/day in 2007 from 610,000 barrels/day in 2006, a spokesman said.

PT Chevron Pacific Indonesia (CPI) Managing Director Suwito Anggoro said here recently the company was expecting the decrease as its oil/gas fields in Indonesia were overaged.

"We have to work hard to limit the decrease in our oil/gas production to not more than 8 or 9 percent," he said, adding that unless serious efforts were made to stem the decrease, the drop could reach 15 percent.

The projected oil/gas output in 2007 would include an additional 15,000 barrels/day from the Duri field in Riau and an additional output from drilling 180 wells at a total cost of US$700 million, he said.

To prevent a bigger decline in production, Chevron was also injecting 5.0 million barrels of water per day into its wells to yield 95,000 barrels more of oil per day. The company was expecting additional production from its oil/gas fields in East Kalimantan as of 2009.

As one of biggest US energy companies Chevron Corporation was managing its operations in Indonesia through its IndoAsian Business Unit (IBU) which controlled Chevron Pacific Indonesia (CPI) and Chevron Indonesia Company (CIC).

Chevron`s output in Indonesia in 2006 was estimated to total 610,000 barrels/day, composed of 500,000 barrels of oil and condensate, and gas equivalent to 110,000 barrels of oil per day.

Chevron`s oil and condensate output in 2006 would account for 50 percent of Indonesia`s total oil production, which was estimated at 1.0 million barrels/day in the same year.

CPI was currently exploring and producing oil/gas in 88 oil/gas fields in four blocks in Riau and North Sumatra, the main oilfields being Duri, Minas and Bekasap.

CIC which is currently operating 12 oil/gas fields in East Kalimantan and an oil/gas field in the Makassar Strait, is a gas supplier for the export of liquefied natural gas (LNG) from Bontang. The Bontang LNG plant was also taking gas supplies from Total E&P Indonesie and Vico Indonesia.

Besides its oil/gas production activties. CIC was also operating geothermal power plants in Darajat and Salak, both in West Java. (*)
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#33796 - 09 Oct 06 06:58 Re: ANT/Chevron expects decrease in oil/gas production [Re: KuKuKaChu]
Dilli Offline
Pujangga Besar

Registered: 26 Feb 06
Posts: 8044
Loc: Nearest Bar
There is more to this story than meets the eye. They have not mentioned the fact that they will drill 2500 new wells starting mid 2007 with the whole programme expected to last 5 years.

Add that to the fact that there is little or no maintenance, its little wonder that production will decline.
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