July 31, 2018 / 1:21 PM / a year ago

Indonesia's Pertamina to take over Chevron's Rokan block in 2021

JAKARTA, July 31 (Reuters) - Indonesia has decided Pertamina will take over operation of the Rokan oil block, the country’s second-biggest crude producing field, once Chevron’s operating contract there expires in 2021, Deputy Energy Minister Arcandra Tahar said on Tuesday.

A proposal made by Chevron for an extension of its Rokan block contract after 2021 was “far below” an offer made by Pertamina, Tahar told reporters at a press conference, referring to a comparison of projections of state revenue and other terms proposed by both companies.

State-owned energy company Pertamina will operate Rokan from Aug. 8, 2021 to 2041, under a gross split production sharing contract, he said.

“We’ve agreed on terms and conditions. All that’s left is for us to put this into a document that will be signed by Pertamina and the government,” Tahar said. (Reporting by Wilda Asmarini Writing by Fergus Jensen Editing by Louise Heavens)

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