The Special Task Force for Upstream Oil and Gas (SKK Migas) said that the transition to management of the deep-sea gas project or Indonesia Deep Water Development (IDD) is entering its final stage.
SKK Migas confirmed that the transfer of IDD Block management from Chevron Pacific Indonesia to Eni, who is also one of the IDD Block owners, will take place on a business-to-business (B to B) basis and can be completed by the end of this year.
Head of SKK Migas, Dwi Soetjipto, confirmed that currently, the discussion of switching the IDD Block operator has entered the final stage.
"Eni is a candidate to replace Chevron. Being finalized, God willing, at the end of this year we are targeting a clean "Dwi said at the Ministry of Energy and Mineral Resources.
The finalization is internal between Chevron and Eni. After it was confirmed that it would not continue the management of the Rokan Block, Chevron Pacific Indonesia also decided not to continue the phase II development of the IDD Block.
One of the reasons for Chevron's reluctance to continue with the gas project was that the second phase development of the IDD Block was not included in the global portfolio of the US oil and gas company.
Currently, the IDD project consortium consists of 62% ownership of Chevron, the remaining 20% is held by Eni and 18% by Sinopec. Eni is considered to be a strong candidate to continue the development of phase II of IDD because investment costs can potentially be reduced. This is because this Italian oil and gas company already has facilities that can be integrated.
Previously, PT Chevron Pacific Indonesia's Corporate Communication Manager, Sonitha Poernomo, said that the transition discussion process was still ongoing.
"We are still working with SKK Migas and potential partners to help realize the potential of this project. However, according to policy, we cannot provide detailed information about commercial negotiations," She said.
Kontan, Page-10, Saturday, Nov 7, 2020
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