IDD project postponed to 2020
Tuesday, February 17 2015 - 02:32 AM WIB
The Indonesian Deepwater Development (IDD) project in the Makassar Strait which is owned by Chevron Indonesia Company has been postponed to 2020, according to a senior official at upstream authority SKK Migas.
?IDD project in Gendalo and Gehem will come onstream in 2020, compared to the inital schedule of 2018,? Deputy for Planning Control at SKK Migas Ausie B. Gautama told Petromindo.com recently.
The IDD project comprises of three gas blocks including Ganal, Rapak, and Makassar Strait, and Muara Bakau, covering five fields including Bangka, Gehem, Gendalo, Maha, and Gandang. The blocks of Ganal, Rapak, and Makassar Strait are operated by Chevron, while the Muara Bakau block by Eni Spa. According to an earlier estimate, the IDD project will produce 1,270 mmscfd of gas once it has come into full operation.
The Bangka field was expected to be operational in 2016.
Meanwhile, I Gusti Nyoman Wiratmadja, acting Director General of Oil and Gas at the Minsitry of Energy and Mineral Resources said Chevron is reviewing its Plan of Development (POD) proposal for the project in view of the sharp drop in crude prices and the declining trend in development costs.
?IDD is a costly project. Meanwhile, the crude price is falling. Thus, the economy of the project is put under review,? Nyoman said.
Editing by Johannes Simbolon