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Sinopec Group buys natural gas project in Indonesia
It has been reported in recent Chinese Gangmei Youqi Giants frequently go out acquisitions overseas petroleum assets. According to news agency quoted a source said, Sinopec, the parent company of Sinopec group has reached an agreement with Chevron, stake Indonesia East Kalimantan province Gendalo-Gehem deepwater gas project, which will fill in the field of petrochemical technology in Sham Shui Po.
The message says, Sinopec has signed an agreement with Chevron, will receive the Rapak, Ganal and MakassarSt rait each deepwater gas block of 18% of the shares, but did not disclose the specific amount. Such transactions are subject to Indonesia and China both regulatory approval.
Chevron Corporation Executive Vice President, George Birkeland earlier said that the first Gendalo-Gehem is Indonesian mining and gas projects in deep water.
According to the 2009 annual report shows, Chevron Gendalo-Gehem project production peak target to 11 billion cubic feet of natural gas and 3.1 million barrels of condensate.