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

All Gas from Conrad’s Mako Field to be Sold to Indonesia’s PLN

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

Valeura Wraps Up Infill Drilling Campaign in Gulf of Thailand

CNOOC Starts Production at Offshore Oil Filed Equipped with CCUS Tech

Japan's Mitsui Eyes Alaska LNG Project

Shell Shuts Down Oil Processing Unit in Singapore Due to Suspected Leak

China’s CNOOC Brings Bohai Sea Oil Field On Stream

AI & Offshore Energy: The Higher the Stakes, the More Value AI Creates

Sembcorp Signs 10-Year LNG Supply Contract with Chevron

Current News

Argentina YPF to Shed Offshore Exploration Projects

Cairn India Might Invest in US Oil Servicing Firms to Increase Production

All Gas from Conrad’s Mako Field to be Sold to Indonesia’s PLN

ORE Catapult and Japan’s FLOWRA to Jointly Advance Floating Wind

Shell Hires Noble’s Drillship for Work in Southeast Asia

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

CNOOC Discovers ‘Vast Exploration Prospects’ in China’s Beibu Gulf Basin

China Unveils Plans for New Offshore Wind Farms to Tackle Carbon Emissions

Japan and South Korea Look to Partner Up with US for Alaska Pipeline

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