Italy's Eni SpA could take over Chevron's stake in and operatorship of the Indonesia Deepwater Development (IDD) gas project by mid-2023, a senior Indonesian energy ministry official said on Feb. 7.
"Currently Eni is working, and so far, so good," Tutuka Ariadji, director general of oil and gas at Indonesia's Ministry of Energy and Mineral Resources, said on the sidelines of the India Energy Week conference.
"So maybe in the middle of this year we can finish the business matters. So far the progress is good," Ariadji said.
The IDD project, located in the Makassar Strait, involves the Bangka, Gendalo and Gehem gas fields.
Chevron has a 62% interest in the Bangka project and about 63% in the Gendalo-Gehem project.
Eni is already a partner in the project, along with China's Sinopec.
The ownership transfer is crucial for Indonesia, which is pinning its hopes of boosting gas production to 12,000 million standard cubic feet per day (mmscfd) by 2030 on resuming development at long-stalled gas projects including the IDD.
Chevron announced in January 2020 that it was scaling down ambitions for natural gas extraction from the project, saying its second stage was "not able to compete for capital in Chevron's global portfolio."
Recommended Reading
California Resources Names Crespy as Executive VP, CFO
2024-11-26 - Clio C. Crespy has worked on some of California Resources’ “most significant” projects, including the Carbon TerraVault joint venture and the direct air capture hub at Elk Hills, said CEO Francisco Leon.
Exclusive: Why Family Offices Favor ‘Lower-Risk’ Oil, Gas Investments
2024-11-22 - Evan Smith, Stephens’ senior vice president for investment banking, describes growth in the company’s network of family offices, specifically those investing in the energy sector, in this Hart Energy Exclusive interview.
Origis Secures $1B in New Investments from Brookfield, Antin
2025-01-15 - Brookfield Asset Management is joining Origis Energy’s investor group alongside existing investor and majority owner Antin Infrastructure Partners.
Plains All American Prices First M&A Bond of Year
2025-01-13 - U.S. integrated midstream infrastructure company Plains All American Pipeline on Jan. 13 priced a $1 billion investment-grade bond offering, the year's first to finance an acquisition.
E&P Consolidation Ripples Through Energy Finance Providers
2024-11-29 - Panel: The pool of financial companies catering to oil and gas companies has shrunk along with the number of E&Ps.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.