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Jakarta Post

Chevron out from Makassar Strait

  • Stefanno Reinard Sulaiman

    The Jakarta Post

Jakarta   /   Thu, July 12 2018   /  02:46 am

The government announced on Wednesday that United States oil giant Chevron had decided to withdraw its proposal to extend its contract for the Makassar Strait block, which expires in 2020.The company said the block was uneconomical, and that it would be removed from its Indonesia Deepwater Development (IDD) project.The IDD project is one of the biggest natural gas projects in the country, which aims to produce 1.23 million standard cubic feet per day (mmfcd) of gas and 50,750 barrels condensate per day (bcpd) by 2023. The first phase in Bangka Hub started production in 2016.The project covers three blocks — the Makassar Strait, Rapak and Ganal — with the latter two to expire in 2027 and 2028, respectively.“We decided to terminate the block [Makassar Strait] and exclude it from the IDD project. The existing operators, Chevron, Pertamina and Sinopec, have said they weren’t interest...