Chevron, SKK Migas reach investment deal

Indonesia

JAKARTA, September 29, 2020 – Chevron has reached an agreement with Indonesia’s upstream regulatory body, SKK Migas, to accelerate investment and maintain drilling at the onshore Rokan block ahead of the block’s handover to NOC Pertamina next year.

A heads of agreement was signed between the US company’s local subsidiary, Caltex Pacific Indonesia, and SKK Migas that will ensure production is maintained and optimised during the handover.

The Indonesian NOC has been taking over a range of PSCs as they expire. The Rokan PSC is set to expire in August 2021. With production declining at the block, a new agreement was needed to supplement the original contract, which lacked end-of-term mandates.

Read our latest insights on:

• Indonesia

Previous

Oil down despite US stimulus optimism

Next

Oil slumps on virus fears, oversupply, US elections