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

Petronas Takes Operatorship of Oman’s Offshore Block 18

Mubadala Hires SLB for Deepwater Drilling Services Offshore Indonesia

Philippines Makes First Offshore Gas Discovery in Over a Decade

Petrovietnam Agrees First-Ever LNG Term Deal with Shell

DOF Bags Two Deals in Asia-Pacific Region

Fugro Nets Mubadala Energy’s Deepwater Gas Job in Asia

Eni Makes Significant Gas Discovery Offshore Indonesia

Finder Energy Buys Petrojarl I FPSO for Timor-Leste Oil and Gas Projects

CNOOC Puts New South China Sea Development Into Production Mode

BP Hires Seatrium to Deliver Tiber FPU in Gulf of America

Current News

Inpex Secures Environmental Approval for Indonesia’s Abadi LNG Project

MISC Secures Long-Term Charter for Papua New Guinea's First FSO

Dolphin Drilling, Vantris Ink Marketing Deal for Blackford Dolphin Semi-Sub

Saipem Agrees $272M Deal to Acquire Deep Value Driller Drillship

DUG Hooks Multi-Client Seismic Reprocessing Survey off Malaysia

MISC, PTSC Extend Ruby II FPSO Operations Offshore Vietnam

Petronas Takes Operatorship of Oman’s Offshore Block 18

Mubadala Hires SLB for Deepwater Drilling Services Offshore Indonesia

Malaysia Offers Nine Exploration Blocks in 2026 Bid Round

Seatrium Unit Launches Arbitration Against Petrobras over FPSO Contract

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