January 24, 2020 / 6:36 AM / a month ago

Chevron considers selling Indonesian Deepwater Development stake - statement

JAKARTA, Jan 24 (Reuters) - U.S. oil giant Chevron Corp is considering selling its participating interest in the Indonesian Deepwater Development (IDD) gas project, the company said in a statement on Friday.

“The first stage of IDD, the Bangka development, began production in August 2016 and while the Kutei Basin remains an attractive hydrocarbon region, IDD Stage 2 was not able to compete for capital in Chevron’s global portfolio,” the statement said.

Indonesia’s government is negotiating with the U.S. oil giant, its partners Italy’s ENI and China’s Sinopec, to revise the development plan for IDD. (Reporting by Wilda Asmarini Writing by Fransiska Nangoy; Editing by Neil Fullick)

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