JAKARTA : Indonesia hopes the recent exit of global giants Shell and Chevron from two long-delayed natural gas projects will jumpstart their development, as it races to more than double gas production by 2030.The Masela and Indonesia Deepwater Development (IDD) projects, together estimated to cost $27 bil
JAKARTA : Indonesia hopes the recent exit of global giants Shell and Chevron from two long-delayed natural gas projects will jumpstart their development, as it races to more than double gas production by 2030.
Last month, Shell said it would sell its holding in the Masela project to Indonesia's Pertamina and Malaysia's Petronas, while Chevron agreed to sell its stake in the IDD project to Italy's Eni. Without drastic changes to attract investment, Indonesia will become a net gas importer by 2040, said Andrew Harwood, a research director at consultants Wood Mackenzie.
SKK Migas' Benny acknowledged that under current terms returns are unattractive for most projects, especially when they have to consider installing carbon capture and storage, which costs hundreds of millions of dollars. At Masela, which will feed the Abadi LNG project, operator Inpex's CEO Takayuki Ueda said having Pertamina on board was"very significant, in the sense that we can naturally expect support from the Indonesian government" and a market for Masela gas.The IDD and Masela projects, combined with BP's Tangguh Train-3 project and Pertamina's Jambaran Tiung Biru, would provide an additional 3.5 bcfd gas production to the current 5.3 bcfd output, SKK Migas data showed.
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