Eni Poised to Take Over Chevron's Stake in Indonesia Deepwater Development Project

Nidhi Verma
Friday, February 10, 2023

Italy's Eni 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 Tuesday.

"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".

(Writing by Sudarshan Varadhan; editing by Jason Neely)

Categories: Energy Industry News Activity Production Asia Floating Production

Related Stories

BP Starts Oil Production at Major New Platform Offshore Azerbaijan

Petronas Starts Construction of Malaysia's First Nearshore FLNG Facility

JUB Pacific Bolsters Liftboat Fleet

Saipem Loads Out Three Topsides for QatarEnergy LNG’s North Field Gas Project

AG&P LNG Grabs Stake in $500M LNG Terminal in South Vietnam

Turkish Oil Terminal Halts Russian Oil Business

Equinor Pens 15-Year LNG Supply Deal with Indian Firm

Valeura Buys Nong Yao Field’s FSO Aurora and Expands Wassana Drilling Campaign

JERA Finds Indonesian Partner for LNG Value Chain Development

TotalEnergies Picks Up OMV’s Upstream Gas Assets in Malaysia

Current News

Unique Group Acquires Subsea Innovation

ConocoPhillips Misses Quarterly Profit Estimates

Taliban Plan Regional Energy Trade Hub with Russian Oil in Mind

Russia Shipping Oil to North Korea Above UN Mandated Levels

Yinson Completes $1.3B Financing for Agogo FPSO

Sapura Energy Hooks Subsea Services Contract from Thai Oil Major Off Malaysia

Philippines' PXP Energy Eyes Petroleum Blocks in Non-Disputed Areas

BP Suspends Production at Azerbaijani Platform for Maintenance Works

SOVs – Analyzing Current, Future Demand Drivers

Decarbonization Offshore O&G: Navigating the Path Forward

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com