Eni to sign deal with Chevron to take over Indonesia project - SKK Migas chief - Reuters
Eni to sign deal with Chevron to take over Indonesia project - SKK Migas chief | Reuters
Eni to sign deal with Chevron to take over Indonesia project - SKK Migas chief
TANGERANG, Indonesia, July 25 (Reuters) - Italy's Eni (ENI.MI) will sign a deal with Chevron Corp (CVX.N) later on Tuesday to take over the U.S. firm's stake in the Indonesia Deepwater Development project, the head of Indonesia's upstream oil and gas regulator said.
The deal will be signed around 9:30 a.m. UK time (0830 GMT), SKK Migas chief Dwi Soetjipto told Reuters on the sidelines of the Indonesia Petroleum Association conference.
Development of the IDD project will be adjusted to integrate the nearby Jangkrik and North Ganal blocks operated by Eni in the Kutai basin, Dwi said.
The IDD project, located in the Makassar Strait, includes the Bangka, Gendalo and Gehem gas fields.
Operator Chevron has a 62% interest in the Bangka project and about 63% in the Gendalo-Gehem project.
Eni is already a partner in the project, along with Indonesia's state energy firm Pertamina and China's Sinopec (600028.SS).
Our Standards: The Thomson Reuters Trust Principles.
Related Knowledge Center: ENERGY BASICS: nuclear
Nuclear energy provides almost 20 percent of the U.S. electricity supply. Advocates have called for an expanded role for nuclear as an emissions-free fuel source. But the economics of building new reactors are daunting. In addition, lingering safety concerns are an institutionalized part of the calculation of nuclear regulation, and highly radioactive nuclear waste remains a can that public officials have been inclined to kick down the road. The Energy Information Administration projects a sharp decline in nuclear power generation over the next decade, as new nuclear plants — two are planned — are more than offset by anticipated retirements of several operating reactors.