By popular demand...=)
1996: Indonesia - Oil
Throughout the archipelago there were sixty known basins with oil potential; only thirty-six basins had been explored and only fourteen were producing.Yosef Ardi, 2006: Chevron In Indonesia: A Wakeup Call.
rarely we check whether these guys are honest enough in their commitment to boost the country's oil output. Chevron's operations deserved huge attention since the company is the largest oil producer in Indonesia, producing 478,000 barrels per day, roughly half of the country's total output, from it's wells across Riau province. It operates three blocks (Duri-Minas, Siak, and MFK) in Riau and Kisaran block in North Sumatra. Chevron's Indonesia oil operation contributes net earning of US$392 million in the first half of 2006, according to the company's report to NYSE. Gas operations gave net earning of US$596 million in the same period to make total Indonesian contribution of US$988 million to Chevron's net income (US$8.35 billion). For the whole year, Chevron Indonesia's operations would contribute up to US$2 billion net earnings for Chevron. It's HUGE! It's just too huge to say Indonesia's investment climate is not competitive compared to other countries. Where else Chevron could make such a chunk of profit?
Chevron in Indonesia
Chevron has positioned itself as Indonesia's top oil and gas producer thanks to our world class technology and expertise. ...2007: Chevron: Indonesia Fact Sheet.
During these operations, a new technology for deepwater exploration called controlled source electromagnetic survey was conducted for the first time in Indonesia.
Chevron's total daily production averaged 503,000 barrels of liquids per day in 2007, making us the country's largest oil producer.Feb 2008: Chevron Indonesia crude oil output set to drop
Despite an expected decline in Chevron's output, Indonesia's overall oil output, including condensates and crude oil, should rise by 10 percent to 1.05 million bpd, up from an average of 954,300 bpd in 2007, Warnika said.May 28th 2008: Indonesia to Pull Out of OPEC
The expected increase should come from a number of oil fields, including those operated by ConocoPhillips (COP), BP Plc (BP) and Indonesia state energy firm PT Pertamina, he said.
Purnomo said the decision to leave OPEC was made by the cabinet of President Susilo Bambang Yudhoyono, who said this month that the country needed to concentrate on increasing production.May 29th 2008: Chevron May Pump Gas From Indonesia's Deep Sea Areas
May 29 (Bloomberg) -- Chevron Corp., the second-largest U.S. oil company, may start pumping natural gas from Indonesia's deep-sea areas by 2016, boosting exports as Asian buyers pay near-record prices for the cleaner-burning fuel.
Fields in the Ganal block off Borneo island could produce ``close to'' 1 billion cubic feet a day at their peak, Steve Green, head Chevron's Indonesian and Philippine operations, said in Jakarta. That's 13 percent of current output in Indonesia, the world's third-largest liquefied natural gas exporter.