Chevron Eyes Major Oil and Gas Assets in Indonesia

Chevron Corporation (NYSE:CVX) has shown interest in tapping into Indonesia's oil and gas assets with substantial reserves, according to Djoko Siswanto, head of the country's upstream regulator SKK Migas, who made the statement on May 20.

Djoko noted that Chevron is evaluating blocks that could hold approximately 15 trillion cubic feet of gas, though the company is still in the early stages of assessing these opportunities.

Chevron Corporation (NYSE:CVX) is one of the leading players in the global oil and gas industry, known for producing and marketing a wide array of refined products such as gasoline, diesel, jet and marine fuel, premium base oils, lubricants, and additives. It operates five refineries across the United States and maintains a strong retail presence through its Chevron and Texaco-branded service stations.

As part of its renewed interest, Chevron Corporation (NYSE:CVX) may consider acquiring blocks in Bali or other regions in eastern Indonesia.

Chevron’s relationship with Indonesia dates back to 1924, when it first sent a geological team to explore the island of Sumatra. Over the decades, the company has extracted over 12 billion barrels of oil from the country’s onshore and offshore fields. In partnership with the Indonesian government and other stakeholders, Chevron Corporation (NYSE:CVX)'s operations have contributed significantly to the local economy.

However, in 2023, the company exited the country after divesting its interest in the Indonesia Deepwater Development (IDD) project, which had been delayed due to changes in the facility's design.

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