JAKARTA - PT Chevron Pacific Indonesia (CPI) is preparing to invest US$152 million (Rp 2.35 trillion) to continue the management of the Rokan Block. The funds will be used to finance the drilling of 104 wells and conversion of 11 more from 2020 to 2021.
According to Oil and Gas Task Force Deputy Chair Fatar Yani Abdurrahman, the investment value is calculated with the assumption of high crude prices, with the company hoping that the value will not be lowered despite current conditions. Previously the Indonesian Crude Price (ICP) was assumed to reach US$60 per barrel, but the price has dropped to US$34 per barrel as of March 2020.
Furthermore, Mr Abdurrahman predicts that the drilling of new wells at the end of the year will increase production to 3,000 barrels of oil per day (bpd), while the drilling in 2021 will increase production to around 9,000 bpd. (ARM/MS)