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Chevron Exits Indonesia's Makassar Strait Block

Source: Reuters 7/11/2018, Location: Asia

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Chevron will exit the Makassar Strait gas block in the Indonesia Deepwater Development (IDD) offshore natural gas project to focus on more promising areas in the venture, Indonesian officials said on Wednesday.

Indonesia’s energy minister had issued a decree terminating Chevron’s Makassar Strait production sharing contract (PSC) after it decided not to extend its operation of the block beyond 2020, upstream oil and gas regulator SKKMigas said.

'Chevron was not interested in requesting an extension,' SKKMigas chairman Amien Sunaryadi told reporters. 'Their preference was (to exit)'.

The IDD project began production from the Bangka field in late 2016, but the Makassar Strait block, one of three blocks in the project, is not in production.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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