Chevron Pacific Indonesia (CPI) plans to extend contract for lucrative Rokan Block and offers to invest US$88 billion to Indonesia. Chevron’s contract for Rokan will be expired in 2021. Coordinating Minister for Maritime Luhut Binsar Panjaitan said the said or offered investment is related to Chevron’s Enhanced Oil Recovery (EOR) technology.
The investment will be realized in two stages; US$33 billion for first ten year period and US$55 billion investment for another ten years period. Chevron targets to have total reserves of 1.2 billion barrels under this investment program. Luhut has met with Chuck Taylor, Chevron’s managing director, for being informed about this investment.
Meanwhile Arcandra Tahar, Vice Minister for Energy and Minerals Resources (ESDM), said state oil and gas Pertamina also proposed to manage Rokan Block. The said proposal is now evaluated by ESDM Ministry, expecting to conclude by end this month.
Ignasius Jonan, minister of energy & mineral resources, has also considered Chevron as ‘fussy’ related to the oil and gas company’s complain about gross split scheme. ExxonMobil and ConocoPhillips don’t mind with the policy, but Chevron is the only one resisted (the policy). Rokan Block—-the largest oil producing block, over 200,000 barrels per day).