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Chevron considering sale of IDD stake

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LNG Industry,

According to Reuters, Chevron Corp. is weighing the potential sale of its stake in the Indonesian Deepwater Development (IDD) gas project.

The IDD project is located in the Makassar Strait and covers the Bangka, Gendalo and Gehem gas fields.

Chevron’s latest company statement announced that a final decision had not been made yet, however specific details regarding the status of negotiations were not revealed.

The potential sale of the IDD stake is considered likely to be part of Chevron’s plan, announced in late 2019, to cut costs and streamline its operations. The announcement suggested that some of the company’s stakes in natural gas project would be sold in preparation for a period of low prices in the long term.

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