Chevron gets approval to develop 5 gas fields in eastern Indonesia
5/9/2008 17:26
The Indonesian government has approved US-based oil and gas company
Chevron Corp, to develop five gas blocks in deep sea of Makassar straits in
eastern parts of the country with a cost of US$6.97 billion, the Bisnis
Indonesia newspaper reported today.
Evita Herawati, a senior official from
the energy ministry, was quoted by the business daily as saying that the US
company could begin their exploration and exploitation after Energy Minister
Purnomo Yusgiantoro signed an approval agreement on Aug. 29.
The five blocks
include Gendala, Sapi, Gehem, Ranggas and Gandang.
The drilling activities
are expected to start next year and the production of gas is predicted to start
in 2016. However, it has not clear yet where the production of the gas will be
marketed, said the report.
The gas fields in the Makassar straits have a
total reserve of 800 million cubic feet.
Chevron Corporation, one of the
world's leading integrated energy companies, has had a presence in Indonesia,
the world's largest producer of Liquefied Natural Gas, since 1924.
The
company explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products.
Xinhua
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