US oil company Chevron has expressed interest in exploring and developing large oil and gas assets in Indonesia, as confirmed by Djoko Siswanto, the chairman of the country’s upstream oil and gas regulator, SKK Migas, according to a Reuters report.

The company is targeting blocks with potential reserves of approximately 15 trillion cubic feet (tcf) of gas and is currently evaluating opportunities.

Indonesia is set to offer oil and gas blocks in regions such as Bali and other eastern parts of the country.

The company’s spokesperson for Asia-Pacific, Cameron Van Ast, was quoted as saying: “We regularly engage with SKK Migas. However, as per our long-standing policy, we do not discuss the details of these engagements.”

Chevron’s renewed interest in Indonesia comes after its exit from the country in 2023, when it sold its stakes in the Indonesia Deepwater Development (IDD).

The IDD, located in the Makassar Strait off Borneo, comprises the Bangka and Gendalo-Gehem projects, which together hold nearly 3tcf of recoverable gas resources.

The company also recently withdrew from its Red Sea oil and gas concession blocks in Egypt following unsuccessful exploration attempts.

The Egyptian Petroleum Ministry noted that Chevron and other multinational companies are reallocating their efforts to other areas within Egypt, especially the Mediterranean.

In 2019, Egypt awarded its first oil and gas exploration concessions in the Red Sea to Chevron, Shell and Mubadala Investment Company. Chevron had a 45% stake in the northern Red Sea Block 1, which it has now relinquished.

Furthermore, in April of this year, Indonesia awarded five oil and gas exploration blocks to various companies. This action is part of a strategic initiative to address a ten-year decline in oil and gas production and to enhance national energy security.

The country plans to offer nearly 60 blocks in the coming years to attract investment and revitalise its energy sector.