UPDATE:Chevron Indonesia:2009-10 Oil Output Targets Difficult
31 Agosto 2009 - 3:38AM
Noticias Dow Jones
PT Chevron Pacific Indonesia's oil output is currently 8,000
barrels a day lower than its daily target for this year, and the
company may miss its output target for next year, Suwito Anggoro,
the director of the Chevron Corp. (CVX) unit, said Monday.
"It will be very difficult for us to reach the (2010) production
target as we are having difficulty securing gas (needed) to extract
the oil," said Anggoro.
Chevron's daily oil output from its Indonesian operations is
currently 372,000 barrels a day, whereas its target for this year
is an average of 380,000 barrels a day, he said. However, he said
output had been higher earlier in the year.
Next year, the company is targeting average oil production of
370,000 barrels a day, Anggoro said.
Anggoro said the amount of natural gas supplied to Chevron by
ConocoPhillips (COP) has fallen as the gas has been diverted to
other buyers such as PT Perusahaan Gas Negara (PGAS.JK), the state
gas monopoly. He didn't elaborate further.
Chevron earlier this month signed a $2.5 billion deal with
ConocoPhillips to buy gas on Sumatra island for 13 years. Upstream
oil and gas regulator BPMigas said the deal formalized an
arrangement in place since January, under which ConocoPhillips had
been supplying between 380 billion and 450 billion British thermal
units of gas a day to Chevron.
Chevron uses natural gas to extract thick crude oil from wells
at its Duri field on Sumatra island, a process known as
steamflooding.
-By Deden Sudrajat, contributing to Dow Jones Newswires; 62 21
3983 1277; Reuben.Carder@dowjones.com