Chevron to Invest $6 Billion in Oil & Gas Block Offshore Indonesia

JAKARTA Oct 8, 2006 (Dow Jones Newswires)

California-based Chevron Corp. (CVX) will invest $6 billion over the next four years to develop its offshore oil and gas field in East Kalimantan.

"During a meeting, it was revealed that Chevron is committed to spend $6 billion in East Kalimantan," Kardaya Warnika, the chairman of Indonesia's official upstream oil and gas regulating body BP Migas, told reporters over the weekend.

However, he didn't elaborate on the plan.

Chevron will also seek to boost crude production from Duri field in Riau by 6,000 barrels a day, he added.

Separately, Suwito Anggoro, president director of PT Chevron Pacific Indonesia, a unit of Chevron which operates Duri and other fields in Sumatra, told reporters that the company plans to spend $1 billion over the next three to four years to maintain output at its current level of 200,000 b/d.

Copyright (c) 2006 Dow Jones & Company, Inc.

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