Chevron To Withdraw Its Stake In Indonesian Deepwater Development (IDD) Project
Dow 30 component Chevron Corporation (CVX), through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. As per reports, U.S oil giant Chevron is planning to sell its participating interest in the Indonesian Deepwater Development (IDD) gas project to cut costs and streamline operations. The project located in the Makassar Strait includes the Bangka, Gendalo and Gehem gas fields. As per their website, Chevron has a 62% interest in the Bangka project and about 63% in the Gendalo-Gehem project. In 2018, the government informed that Chevron has planned to reduce its investment for the project to $6 billion from $12.8 billion.
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