SKK Migas: Chevron's Substitute In IDD Confirmed By The End Of 2022

Head of SKK Migas Dwi Soetjipto. (Photo: Doc. Antara)

JAKARTA - The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) has revealed that replacement investors for Indonesia Deepwater Development (IDD) will be confirmed by the end of 2022. Dwi revealed that currently the prospective IDD buyers are clearer but still need some additional processes. "IDD potential buyers are clearer but there is still a process needed and they all promise to finish it in 2022," said Head of SKK Migas Dwi Soetjipto in a press conference quoted on Tuesday, October 18. Dwi added, the revision of the development plan or Plan of Development (POD) and contract extension are expected to take place in the third quarter of 2023. Furthermore, the construction process or Engineering Procurement Construction (EPC) will take place from 2024 to 2027. Dwi also revealed that the onstream target for the IDD project has not changed, namely in the fourth quarter of 2027. Previously, the IDD, which was originally held by Chevron, decided to leave Indonesia. The investor left Indonesia due to the lack of investment in the upstream oil and gas sector. Meanwhile, there were widely news that the Italian oil and gas company, ENI, had officially taken over 62 percent of Chevron Pacific Indonesia (CPI) participation rights at IDD. Minister of Energy and Mineral Resources Arifin Tasrif also previously revealed that the Ministry of Energy and Mineral Resources had found a cooperation contract contractor (KKKS) who had the opportunity to shift Chevron's position. Namin Arifin was reluctant to provide details regarding the potential KKKS to replace the oil and gas company from the United States. "There is already something fixed, just wait for the announcement," said Arifin on Wednesday, September 21. Arifin asked the public to wait for the official announcement to be announced at the end of this year.