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
Midstream M&A Adjusts After E&Ps’ Rampant Permian Consolidation
2024-10-18 - Scott Brown, CEO of the Midland Basin’s Canes Midstream, said he believes the Permian Basin still has plenty of runway for growth and development.
Analyst: Is Jerry Jones Making a Run to Take Comstock Private?
2024-09-20 - After buying more than 13.4 million Comstock shares in August, analysts wonder if Dallas Cowboys owner Jerry Jones might split the tackles and run downhill toward a go-private buyout of the Haynesville Shale gas producer.
Aethon, Murphy Refinance Debt as Fed Slashes Interest Rates
2024-09-20 - The E&Ps expect to issue new notes toward redeeming a combined $1.6 billion of existing debt, while the debt-pricing guide—the Fed funds rate—was cut on Sept. 18 from 5.5% to 5%.
Dividends Declared Sept.16 through Sept. 26
2024-09-27 - Here is a compilation of dividends declared from select upstream, midstream and service and supply companies.
CEO: Breakwall Providing Capital as RBLs ‘Materially’ Decrease
2024-10-09 - Breakwall Capital is stepping in to bridge the gap from the historic days of reserve-based lending, Breakwall Managing Partner and co-CEO Jamie Brodsky said at Hart Energy's Energy Capital Conference in Dallas.
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.