June 26, 2018 / 12:30 PM / in 5 months

Chevron to cut investment in Indonesia gas project to around $6 billion: deputy minister

FILE PHOTO: The logo of Chevron is seen at the company's office in Caracas, Venezuela April 25, 2018. REUTERS/Marco Bello

JAKARTA (Reuters) - Indonesia’s deputy energy minister said on Tuesday Chevron Corp intended to cut planned investment in the Indonesia deepwater development (IDD) gas project to around $6 billion from $12.8 billion.

Deputy Minister Arcandra Tahar also told reporters that the projects targeted production would not be lowered, helped by factors including improvements in technology.

The IDD project commenced production from the Bangka field in late 2016 and when bigger fields are developed is due to eventually reach daily peak production at 1.1 billion cubic feet of natural gas and 31,000 barrels of condensate.

Reporting by Wilda Asmarini; writing by Ed Davies; editing by Jason Neely

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