The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) targets the Indonesia Deepwater Development (IDD) project to start rolling again next year.
This follows the transfer of management of the IDD Project to Eni Indonesia which is expected to be completed by the end of this year.
Head of SKK Migas Dwi Soetjipto said Chevron Indonesia, as the operator of the IDD Project, is still in the discussion stage regarding the transfer of participating share ownership to Eni Indonesia. The administrative process for the transfer of share ownership and management rights is expected to be completed this year.
"So we hope that next year there will be changes to the plan of development / POD proposed after being managed by Eni," he said.
He explained that the POD changes were needed because Eni had managed two oil and gas blocks located near the IDD Project, namely the Muara Bakau and East Sepinggan blocks. Thus, the development of the IDD Project can later be integrated with the facilities that Eni already has in the two blocks.
One of them is the utilization of the floating production unit / FPU Jangkrik block facility. So, IDD development will change from Chevron's plan or POD, ”said Dwi.
Furthermore, with the integration of these facilities, it is hoped that the development of the IDD Project can be faster and more efficient.
"We are optimistic that the development of IDD will be better and more efficient because Eni already has facilities. We are still targeting to start onstream in 2025, "he added.
Referring to SKK Migas data, the IDD project is targeted to start operating in the fourth quarter of 2025. This project is targeted to reach a peak gas production of 844 million standard cubic feet per day / MMscfd and 27 thousand BPD of oil. The project investment is estimated at the US $ 6.98 billion. This IDD project combines two oil and gas fields, namely Gendalo Field, Ganal Block, and Gehem, Rapak Block.
Dwi said that the government supports the extension of the production sharing contract / PSC for oil and gas blocks that are included in the IDD Project, namely the Meeting Block and Ganal. This is because the Rapak Block contract will end in 2027 and the Ganal Block will be completed in 2028. Without the extension, he admits that oil and gas companies will find it difficult to develop the IDD Project.
"Although later asking for approval from the government [regarding the extension of the PSC]. But the government will support the extension if the contractor is serious about carrying out the project, "he said.
In the IDD Project, Chevron is currently the operator and majority shareholder of 63%. Chevron is working on this deep-sea oil and gas project with other joint venture partners, namely Eni, Tip Top, PT Pertamina Hulu Energi (PHE), and partners in Muara Bakau.
Investor Daily, Page-10, Friday, Nov 20, 2020
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