ENI SpA to Replace Chevron in IDD Project Soon

Summary

Italian oil and gas company ENI SpA has officially taken over a 62 percent participating interest in the Indonesia Deepwater Development (IDD) Phase II Project from PT Chevron Pacific Indonesia (CPI). Minister Energy and Mineral Resources Arifin Tasrif did not explicitly confirm ENI's entry into the project. He only said that a company had entered the IDD Phase II Project, replacing Chevron. "It's fixed and final. Just wait for the official announcement," Arifin said on Wednesday.

However, he said that the company replacing Chevron already has facilities adjacent to the IDD Phase II Project. "It's already there; the facilities can also be used so that the investment can be more efficient," he said.

Head of The Upstream Oil and Gas Business Regulatory Task Force (SKK Migas) Dwi Soetjipto said that the IDD Phase II Project is in a work area with large gas reserves like the Masela Block. "Surely someone will be interested, but we will wait until the end of this year. Hopefully, the required process can be completed," Dwi said.

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