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September 6, 2008

Govt approves Chevron gas development in E Indonesia
The Indonesian government has approved US-based oil and gas company Chevron Corp, to develop five gas blocks in deep sea of Makassar straits in eastern parts of the country with a cost of $6.97 billion, local daily Bisnis Indonesia newspaper reported Friday.

Evita Herawati, a senior official from the energy ministry, was quoted by the business daily as saying that the US company could begin their exploration and exploitation after Energy Minister Purnomo Yusgiantoro signed an approval agreement on August 29.

The five blocks include Gendala, Sapi, Gehem, Ranggas and Gandang. The drilling activities are expected to start next year and the production of gas is predicted to start in 2016. However, it has not clear yet where the production of the gas will be marketed, said the report.

The gas fields in the Makassar straits have a total reserve of 800 million cubic feet.

Chevron Corporation, one of the world's leading integrated energy companies, has had a presence in Indonesia, the world's largest producer of Liquefied Natural Gas, since 1924.

The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products.

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