July 11, 2018 / 4:40 AM / 9 months ago

Chevron exits Indonesia's Makassar Strait block -regulator

JAKARTA, July 11 (Reuters) -

* U.S. energy company Chevron has decided not to extend beyond 2020 its operation in Indonesia's Makassar Strait block, according to Indonesia's upstream oil and gas regulator (SKKMigas)

* Indonesia's energy minister has issued a decree terminating Chevron's Makassar Strait production sharing contract (PSC), SKKMigas chairman Amien Sunaryadi told reporters on Wednesday

* The block was part of Chevron's Indonesia Deepwater Development (IDD) offshore natural gas projects

* "In the calculations of NPV (net present value) this was negative," Sunaryadi said, adding that Chevron had then decided to remove the block from the IDD projects

* The government will tender the block "as soon as possible", Oil and Gas Director General Djoko Siswanto said (Reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Christian Schmollinger)

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