E - Eni to acquire Chevron's stake in Indonesia gas project

2023-07-25 07:52:29 ET

Eni ( NYSE: E ) said Tuesday it signed a deal to take over Chevron's ( NYSE: CVX ) stake in the Indonesia Deepwater Development gas project; financial terms were not disclosed.

Eni ( E ) said it is buying interests in three Chevron ( CVX ) subsidiaries in Indonesia: a 62% stake in Ganal PSC, a 62% stake in Rapak PSC, and a 72% interest in Makassar Straits PSC.

The Italian company already is a partner in the IDD project in the Makassar Strait, owning a 20% interest in both Ganal and Rapak; the other partners are Indonesia's state energy firm Pertamina and China's Sinopec.

Eni ( E ) said the acquisition will allow it to "fast track the development of the IDD project, leveraging its strong presence in the East Kalimantan Area as well as the synergies with Eni-operated Jangkrik infrastructures, the existing Bontang LNG facility, and the domestic gas market."

Indonesia's energy minister Arifin Tasrif said the deal would " ensure Indonesia's energy security for the next 10 years," and that he expects Eni ( E ) to continue the second phase of IDD's development.

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