Oil & gas producer PT Chevron Pacific Indonesia is said to have cut its investment estimates for Indonesia Deepwater Development (IDD) to US$6 billion from initially US$12.8 billion. The ministry of Energy & Mineral Resources (ESDM) expects Chevron to submit the POD proposal no later than June 28, 2018.
Lower investment estimates of Gendalo-Gehem field development is the result of government evaluation of the investment cost submitted by the Chevron. The government even conducted cost-cutting talks with a team from Chevron headquarters in Houston, United States. The main factor of investment cut is the adoption of the more efficient technology.