Jakarta – After a notable absence from Indonesia’s upstream energy landscape, Chevron Pacific Indonesia is reportedly preparing a comeback. The American energy major is currently reviewing data on existing oil and gas fields in Kalimantan, marking its intention to re-engage with Southeast Asia’s largest energy-producing nation.
The development, confirmed by Indonesia’s Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) and the Ministry of Energy and Mineral Resources (ESDM) in May 2025, is being interpreted as a positive signal for the country’s investment climate, particularly in upstream oil and gas.
While specifics remain undisclosed, Chevron has been granted access to detailed data from an undisclosed contractor’s working area in Kalimantan. According to Hudi D. Suryodipuro, Head of Program and Communications Division at SKK Migas, this move indicates Chevron’s serious consideration to acquire equity in an existing block.
“Chevron is currently reviewing the data of an oil and gas contractor’s working area with permission from SKK Migas,” said Hudi on July 6.
Chevron’s re-entry could involve acquiring a stake in a field currently under exploration. However, the name of the local or international firm whose assets may be partially sold remains undisclosed as of this writing.
This move aligns with a broader trend of re-engagement by global energy players. TotalEnergies, another major international operator, recently acquired a 24.5% participating interest in the Bobara Block in West Papua from Petronas, signaling rising confidence in Indonesia’s upstream sector.
Deputy Minister of Energy and Mineral Resources Yuliot Tanjung confirmed that Indonesia is actively accelerating the auction of 30 oil and gas working areas in 2025, with Chevron cited as one of the potential global bidders.
“We are expediting the auction process for 30 working areas this year. Chevron is among the strategic players showing interest,” Yuliot said on May 16.
Tri Winarno, Acting Director General of Oil and Gas at the ESDM, echoed the sentiment, emphasizing that Chevron’s interest reaffirms Indonesia’s competitiveness in the regional energy investment landscape.
“Chevron’s return would reflect the continued attractiveness of Indonesia’s upstream oil and gas sector,” Tri noted.
Context: Chevron’s Past in Indonesia
Chevron has a long and storied history in Indonesia’s oil and gas industry. Through its subsidiary, Chevron Pacific Indonesia (CPI), the company operated the Rokan Block—one of the country’s most productive assets—from 1924 until August 2021, when the concession formally transitioned to Pertamina Hulu Rokan (PHR), a subsidiary of Indonesia’s state energy company.
In July 2023, Chevron withdrew from the Indonesia Deepwater Development (IDD) project, where it held a 62% operating interest. At the time, the company cited limited financial viability as the reason for its exit. The remaining partners included ENI (20%) and Sinopec Group (18%).
Chevron’s potential return, after pulling back from major operations just two years ago, indicates a recalibration in its Southeast Asia strategy—potentially driven by shifting global energy economics, improved domestic regulatory signals, and renewed optimism around Indonesia’s untapped reserves, particularly in underdeveloped regions like Kalimantan.
As Indonesia aims to boost energy security while attracting foreign direct investment in energy infrastructure, Chevron’s renewed interest—if finalized—could become a bellwether moment in the country’s upstream revival.
