Chevron To Sell Stakes In Indonesia Gas Projects

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Chevron, the second-largest U.S. oil company, said it is looking to sell its stakes in two deepwater natural gas projects in Indonesia, according to a recently filed 10-K. The move would reduce Chevron's interests in the the Gendalo-Gehem and Bangka projects to 55.1% and 54%, respectively.

California-based Chevron (CVX) is looking to sell the stakes to an Indonesian company. Chevro sold in an 18% stake in the Gendalo-Gehem project to China's Sinopec (SNP) last year.

Chevron has said that the maximum daily production from the Gendalo-Gehem project is 1.1 billion cubic feet and 31,000 barrels of condensate, according to Platt's. Proven reserves for the two projects have not yet been recognized, Chevron said in the filing.

Chevron agreed to farm-out a portion of its working interest in Bangka last December and said it expects Indonesian regulators to approve that request in the second half of this year.