Jakarta (ANTARA News/Asia Pulse) - PT Chevron Pacific Indonesia (CPI) said it will spend US$1 billion in Indonesia in 2009. The fund will be used to finance oil and gas operations, said Abdul Hamid Batubara, senior Vice President of the Indonesian unit of the U.S. oil giant Chevron Pacific.
CPI is studying projects to be developed, Batubara said, adding the commercial value of projects have changed with decline in the prices of crude oil.
Earlier CPI President Suwito Anggoro said it will drill 350 wells this year, to be increased to 500 wells next year.
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