Chevron gets greenlight to develop Bangka
Saturday, July 12 2014 - 10:49 AM WIB
The field is one of the gas fields the firm plans to develop as part of the multi billion dollar Indonesia Deepwater Development (IDD) project.
?They can start develop Bangka now. Other fields are still waiting for approval and permits,? Deputy Minister of Energy and Mineral Resources Susilo Siswoutomo was quoted by Antara as saying on Friday after accompanying Chevron?s executives in a meeting with Head of the Investment Coordinating Board (BKPM) Mahendra Siregar and Coordinating Minister of the Economy Chairul Tanjung.
Bangka is one of the five fields included in the IDD project and it is the least of all. The other four fields are Gehem, Gendalo, Maha and Gandang.
Susilo did not unveil the reasons that the four other fields have yet to get approval and permit.
The ministry of energy and mineral resources approved the Plan of Development (PoD) for the IDD project in 2008, in which Chevron set the investment for the project at US$6.9 billion. Chevron however later proposed to revise the PoD, arguing that the investment for the project would be exponentially higher as a result of rising costs of development. Under the revised PoD, the investment is revised upwards to $12 billion. The government has yet to approve the revised PoD. (*)