KONTAN.CO.ID - JAKARTA. U.S. oil giant Chevron Corp is considering selling its participating interest in the Indonesian Deepwater Development (IDD) gas project, the company said on Friday, as it makes sweeping changes to cut costs and streamline operations.
No final decision has yet been made, however, Chevron said in a statement, declining to reveal details of the negotiations. In December, it had said it was considering selling some natural gas projects to prepare for low prices in the long term.
"IDD Stage 2 was not able to compete for capital in Chevron's global portfolio," the company said, adding that the first stage of the project, the Bangka development, had begun production in August 2016.