press release Indonesia Deepwater Development Study Update

Jakarta, Indonesia, April 12, 2018 – Chevron remains committed to supporting Indonesia in developing its energy resources, both onshore and offshore. We have a track record of successful partnership with Indonesia, driving economic growth and supporting local communities in areas where we operate over decades.

The first stage of the Indonesia Deepwater Development (IDD) Project, the Bangka development, began production in August 2016 and has resulted in the successful delivery of eight cargoes of LNG from the Bontang LNG terminal.

The second stage of the IDD Project, the Gendalo-Gehem development, represents a real opportunity to maximize the value of these deepwater gas assets for all stakeholders.

The conceptual and Pre-Front End Engineering and Design studies on the project began in December 2017 are progressing well. Optimization of development concepts and basis of design simplifications are yielding significant indicative development capital and operating cost reductions.

Managing Director Chevron IndoAsia Business Unit Chuck Taylor said, “We are working to complete these studies as soon as possible and will continue to work with the Government of Indonesia to advance this National Strategic Project.”

Chevron (operator) has a 63 percent interest in the IDD Project (aggregated), with other joint venture participants being Eni, Tip Top, PHE, and Muara Bakau Parties.

Chevron is one of the world's leading integrated energy companies and through its Indonesian subsidiaries, has been present in Indonesia for 94 years. With the ingenuity and commitment of highly skilled and dedicated employees, Chevron Indonesia leads as one of Indonesia's largest producers of crude oil. From our onshore oil fields in Riau, Sumatra and our offshore fields in East Kalimantan, we have produced more than 13 billion barrels of oil to meet the energy needs of Indonesia's growing economy.

In operating the oil and gas blocks in Indonesia, Chevron is working under supervision of SKK Migas based on Production Sharing Contract terms. For further information about Chevron in Indonesia, please visit www.indonesia.chevron.com

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Contact: Danya Dewanti, Manager Corporate Communications | Email:danya.dewanti@chevron.com | Phone:+62811894229

 

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