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Jakarta Post

Planned subsidiary to run oil, gas block

  • Stefanno Reinard Sulaiman

    The Jakarta Post

Jakarta   /   Fri, November 9 2018   /  02:34 am

State energy holding firm Pertamina is looking to set up a new subsidiary that will manage the Rokan Block, one of the country’s biggest oil and gas blocks, after it was awarded the tender ahead of former operator Chevron Pacific Indonesia (CPI).This was revealed by the senior vice president for upstream strategic planning, portfolio and evaluation at Pertamina, Meidawati, at an oil and gas seminar in Jakarta recently.“We have a plan [to set up a new subsidiary] for the block. It is in the pipeline and we are still assessing the option,” she said, adding that a new unit would help the company speed up the adaptation process of managing the block.CPI, a subsidiary of United States-based oil and gas giant Chevron, is still operating the block, which will be managed by Pertamina from 2021 to 2041.CPI is operating it under the old production sharing contract (PSC) based on a cost recov...