June 27, 2018 / 8:03 PM / in 23 days

Chevron must compete to renew Rokan oil block -Indonesia minister

WASHINGTON, June 27 (Reuters) - Chevron Corp must make a competitive proposal to continue operating the Rokan block, Indonesia’s biggest source of crude oil, after the company’s contract expires in 2021, Indonesia’s Energy and Mines Minister Ignasius Jonan said on Wednesday.

“I just talked to Chevron’s new CEO and told him that it is up to him. If they propose to continue to operate the Rokan block the economics have to be justifiable ... And they may face some competition as well, from foreign operators and from Pertamina,” he said, referring to Indonesia’s state oil and gas company.

He made the comments in an interview with Reuters on the sidelines of the World Gas Conference in Washington. (Reporting by Richard Valdmanis Editing by Paul Simao)

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