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)
florence.tan.thomsonreuters.com@reuters.net)) By Nidhi Verma
BENGALURU, Feb 6 (Reuters) - 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
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.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.