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Chevron's Work Plan on Rokan Block has Potentially Revised



If the PT Chevron Pacific Indonesia scheme continues to invest in the Rokan Block is approved, the US oil and gas company work plan will be revised. The reason is, since 2018, Chevron no longer plans to drill new wells in the Rokan Block.

Dwi Soetjipto

The Head of the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) Dwi Soetjipto said that he and Chevron Indonesia were currently reviewing the investment plan of the oil and gas company in the Rokan Block for this year and next year. This is related to efforts to keep oil production from oil and gas blocks in Riau from falling dramatically during the management transition period to PT Pertamina (Persero).



"If the scenario has been approved by the Minister of Energy and Mineral Resources (ESDM), Chevron's work plan and budget (WP&B) for 2020 and 2021 will adjust," he said.

the Rokan Block Chevron

The aforementioned scenario is related to investment options during the Rokan Block management transition. According to him, one of the options discussed was Chevron continue its investment in the Rokan Block until the contract is completed in 2021. For this reason, the company together with Chevron and PT Pertamina (Persero) as the new operator are still conducting discussions.

This refers to the direction of the government through the Minister of Energy and Mineral Resources (ESDM) with the target of continuing investment to optimize the Rokan Block oil and gas production in the transition period.

"We are targeting the first week of April 2020 there has been a decision," he said.

Dwi briefly explained, initially it focused on encouraging business to business negotiations between Pertamina and Chevron related to investment in transition period. Originally, Pertamina was the one who would issue funds and Chevron as the executor of its activities. However, he said that these negotiations could not continue.

So that his party looked for other alternatives so that investments in the transition period would not cease. One other option is that investment will still be made by Chevron with the acceleration of investment cost recovery (cost recovery). However, proposals related to this option must be submitted by a contractor (KKKS) contractor, namely Chevron.

"So this is still being discussed quickly later as to what, and what Chevron wants to be like," Dwi said.

Previously, Chevron admitted there had been no more investment in the form of drilling activities in the Rokan Block since 2018 because the contract was immediate used up. This policy is likely to last until the contract expires.

Maritime and Investment Coordinating Minister Luhut Binsar Pandjaitan had also stated that Chevron would continue investing in the Block Rokan This was discussed with the Ministry of Energy and Mineral Resources, SKK Migas, and Chevron in a video conference in mid-March. This too keep the production of the Rokan Block from going down significantly.

"Yesterday had a meeting with Chevron and SKK Migas and the Ministry of Energy and Mineral Resources. We agree that Chevron will continue this project until they are completed in August next year.

So the decline in production can be put on hold not to be very drastic, it is a good decision, "Dwi said.

Investor Daily, Page-9, Wednesday, April 8, 2020
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