Chevron Sells Interest in Indonesia Gas Project to Sinopec
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Chevron Corp. agreed to sell a stake in the Gendalo-Gehem natural gas development in Indonesia to China Petroleum & Chemical Corp.
The 18 percent farm-down is subject to regulatory approval in Indonesia and China, Singapore-based Chevron spokesman Gareth Johnstone said in an e-mail today. Chevron currently has an 80 percent interest in the project, which is located in the deep-water Makassar Strait and may eventually produce 1.1 billion cubic feet of gas and 31,000 barrels of condensate a day. Financial details weren’t disclosed.