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Chevron Invests $6bn in Indonesia Gas Field

Chevron Corp plans to invest about $6bn to develop gas fields off the coast of Indonesia

Chevron Corp plans to invest about $6bn to develop gas fields off the coast of Borneo, Indonesia.

Indonesia, the world's top liquefied natural gas exporter, has failed to meet its contractual commitments to traditional buyers such as Japan, South Korea and Taiwan because of a slump in production.

?Chevron said it wanted to develop gas fields in East Kalimantan, including Gehem and Gendalo until 2012 with investment of about US$6bil,? BPMIGAS chief Kardaya Warnika said via text message.

Kardaya said Chevron had told an Indonesian delegation chaired by Vice-President Jusuf Kalla during a US trip last month that it wanted to invest more in the energy sector in South-East Asia's top economy.

Chevron Indonesia president director Suwito Anggoro confirmed the company would develop several gas fields offshore East Kalimantan.