American multinational firm, Chevron Corp., (NYSE: CVX) pulled out from the Indonesia Deepwater Development (IDD) block in East Kalimantan and is offering the continuation of the block to an Italian oil and gas company, ENI s.p.a. Since early of this year, the company has informed to sell their participating interests in the block managed by PT Chevron Pacific Indonesia.
Acting director general at energy and mineral resources (ESDM) ministry, Ego Syahrial revealed, the project has a value of up to US$5 billion. He said, the decision to leave the project caused Chevron could no longer extend the exploitation contract in the Rokan Block in August 2021.
If he has already proclaimed it is now being offered to ENI. IDD and Rokan block are one package. Chevron is the operator and majority shareholder of the IDD project, hold of 63 percent. The remaining shares are owned by ENI, PT Pertamina Hulu Energi, and partners.