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CHEVRON AFFILIATE SIGNS PRODUCTION SHARING CONTRACT WITH INDONESIA'S PERTAMINA

 CHEVRON AFFILIATE SIGNS PRODUCTION
 SHARING CONTRACT WITH INDONESIA'S PERTAMINA
 SAN FRANCISCO, Oct. 15 /PRNewswire/ -- P.T. Caltex Pacific Indonesia (CPI), a 50/50 percent owned affiliate of Chevron Corporation (NYSE: CHV) and Texaco Inc. (NYSE: TX), signed a 20-year extension of its largest production sharing contract -- the Rokan Block -- with Pertamina, Indonesia's state oil company. The agreement was announced by Pertamina after the signing in Jakarta on Oct. 15, 1992. The original expiration date for the contract for this block was August 2001. This extension confirms CPI as operator of the block, as contractor to Pertamina, until 2021.
 The Rokan Block, located in Riau Province in Central Sumatra, covers 9,898 square kilometers (3,822 square miles) and contains the Duri Field, site of the world's largest steamflood project, and the Minas Field, the largest oil field in Asia and site of an extensive enhanced oil recovery program. CPI currently produces over 600,000 barrels of oil per day from the Rokan Block.
 CPI operates five production sharing contracts with Pertamina. The company is Indonesia's largest oil producer, with approximately 700,000 barrels of oil per day or nearly one half the country's total production. CPI has been active in the Rokan Block since 1936.
 The agreement includes a work program providing for continued exploration in the block and expansion of enhanced oil recovery programs. The work program has the potential for adding substantial additional reserves. Enhanced oil recovery programs are in progress at Duri, Minas and several smaller fields in this block. The Duri Steamflood Project is located in Indonesia's second largest oil field. Employing this enhanced oil recovery technology at Duri will enable CPI to produce over 50 percent of the original oil in place. Without steamflooding, less than 10 percent of Duri's heavy crude oil could be produced. The Duri Steamflood Project, begun in 1983, is expected to continue for several decades at a total capital cost of over $2 (U.S.) billion.
 At Minas, CPI has produced more than 3.6 billion barrels of crude oil since 1952. The company began employing peripheral waterflooding in 1970 to boost production, and a pattern waterflood is scheduled to begin in late 1993. Numerous smaller fields in this block have also been identified as potential waterflood candidates in the next 20 years.
 "This agreement assures the continuation of investment and technology transfer from Chevron and Texaco to assist in the future development of the Indonesian petroleum industry and economy," said Ed Lowry, Chevron's vice president for foreign operations, after the signing. "It also affirms our enduring relationship with Indonesia, which began more than 50 years ago. We look forward to continuing this long successful partnership."
 -0- 10/15/92
 /CONTACT: Bonnie Chaikind of Chevron, 415-894-1200/
 (CHV TX) CO: Chevron Corp.; Texaco Inc.; Pertamina; P.T. Caltex Pacific
 Indonesia ST: California IN: OIL SU: CON


TM -- SF006 -- 0414 10/15/92 12:17 EDT
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Publication:PR Newswire
Date:Oct 15, 1992
Words:484
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