Chevron seeks to farmout deepwater blocks: Report
Tuesday, November 24 2009 - 01:56 AM WIB
US oil, gas giant Chevron Corp. confirmed Monday it is seeking partners for the multibillion-dollar Ganal-Rapak deep sea gas project off Indonesia's East Kalimantan province.
"The process is ongoing and subject to approvals by the government of Indonesia," spokesman Kurt Glaubitz told Dow Jones Newswires in an email, adding that the company is "not disclosing details related to the process at this stage."
A person familiar with the matter said Chevron, the second-largest U.S. oil company by market value, was seeking to reduce its 80% stake in order to mitigate risk in the venture, which could cost about US$8.5 billion to develop.
A Petromindo.Com source said that Indonesian timber tycoon Prayogo Pangestu is interested to buy stake at the project.
Italian firm Eni SpA has 20 percent stake in the project.(*)