Chevron Corp. (CVX) is delaying developing a second phase of a deep-sea natural gas project off Indonesia’s Borneo island due to start in 2019.
The final investment decision for Gendalo-Gehem won’t be
taken this year, a Chevron spokesman said in an e-mail statement
yesterday. The San Ramon, California-based company has yet to
submit a revised development plan for it, Zudaldi Rafdi, a
spokesman at SKK Migas, Indonesia’s upstream oil regulator, said
in a phone interview yesterday.
“The project may face delay,” Rafdi said. “Once the
revised plan is submitted, it will take six to nine months for
reviews before submitting to the energy ministry for approval.”
Indonesia, Southeast Asia’s largest crude producer, is
struggling to stem a decline in output from aging oil and gas
fields that led to the country withdrawing from the Organization
of Petroleum Exporting Countries in 2008. Incoming president
Joko Widodo, who takes office on Oct. 20, has pledged to cut red
tape and spur oil investment.
Chevron asked for more time in revising the development
plan as it found additional reserves and needs to extend
production-sharing contracts, Naryanto Wagimin, the upstream oil
and gas director at the Energy and Mineral Resources Ministry,
said in a phone message yesterday.
The facilities for Gendalo-Gehem, with investment of $4
billion to $7 billion, are part of a Chevron development
including the Bangka, Maha and Gandang fields, according to the
ministry. The project will build two separate hubs, each with
its own floating production unit, according to Chevron’s
website. It’s expected to pump as much as 1.1 billion cubic feet
a day of gas and 47,000 barrels of condensate, the company’s
data show.
Chevron has obtained all the required government approvals
to develop Bangka field, the project’s first stage, the
company’s spokesman said.
Source : http://www.bloomberg.com/news/2014-10-16/chevron-s-indonesia-deepwater-natural-gas-project-to-face-delay.html
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