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Saturday, August 8, 2020

Chevron sells IDD blocks


PT Chevron Pacific Indonesia's plan to exit the second phase of the development of the second phase of the Indonesia Deepwater Development (| DD) Block is very serious. Chevron has even offered the deep-sea gas block to its partner, Eni, an Italian oil and gas company.

the Indonesia Deepwater Development (| DD) Block

Acting Director-General of Oil and Gas at the Ministry of Energy and Mineral Resources Ego Syahrial confirmed the news that Chevron was offering to develop the block to Eni.

"Chevron has already proclaimed it, now it is being offered to Eni, we'll just wait. Chevron is the one making the bid to Eni," he explained.

However, Ego was reluctant to reveal what the block release scheme would be like and the bid value. Currently, in the Deep Sea project, Chevron acts as the operator and the majority shareholder, which is 63%.

Chevron is working on this oil and gas project in Iaut with other partners, namely Eni, Tip Top, PT Pertamina Hulu Energi, and partners in Muara Bakau. IDD is a deep-sea gas project carried out by Chevron Indonesia Company (Cico) in the Kutai Basin, East Kalimantan through four production sharing contracts, namely PSC Ganal, Rapak, Makassar Strait and Muara Bakau.

The second phase development in the IDD Block includes the development of the Gendalo field and the Gehem field. There are plans to develop two separate hubs where Gendalo and Gehem will have a Floating Production Unit (FPU) for each field (see table). 

    Ego assessed that Chevron's plan to leave the IDD Block was inseparable from Chevron's not being extended to other oil and gas blocks in Indonesia, namely the Rokan Block. Later, in the year 2021. PT Pertamina (Persero) will continue the block located in Riau. "so one package," he said.

Dwi Soetjipto

Meanwhile, Dwi Soetjipto, Head of the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas), said that his party had asked Chevron's assurance for the continued management of the IDD Block. However, until now the letter sent by SKK Migas to Chevron has not been immediately responded to.

"Not yet replied, we are still discussing it," he said.

SKK Migas needs to be certain about the current condition of the IDD Block. This is because there are already oil and gas companies that are interested in continuing the project. Chevron also has not yet sent the IDD Block management work plan or plan of development (PoD), which has been requested since January 2020. 

Sonitha Poernomo

    Manager of Corporate Communications of PT Chevron Pacific Indonesia, Sonitha Poernomo said that his party had opened a data room to facilitate discussions on identifying potential partners for IDD Block earlier this year.

"At this time, there is no final decision regarding the discussion," She said.

Regarding the plan to leave the IDD Phase 2 project, Sonitha explained that his party could not compete for capital in the global Chevron Group portfolio. Therefore, he believes this project will have value for other operators.

"We will continue to work closely with SKK Migas and potential partners to help realize the potential of this project. However, according to policy, we cannot provide detailed information about commercial negotiations, "She said.

Kontan, Page-12, Friday, August 7, 2020

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