- Chevron (NYSE:CVX) must compete if it wants to continue operating Indonesia's Rokan block, the country's biggest source of crude oil, after its contract expires in 2021, Indonesia's Energy and Mines Minister says.
- CVX asked the government earlier this year to extend its operating contract for Rokan beyond 2021 and has since been in talks with Indonesian officials on the issue.
- The minister says the government also is in discussions with CVX about another project it is operating, Indonesia Deepwater Development, after the company cut $6B in spending plans there.
- The minister also says he met this week with Freeport McMoRan (NYSE:FCX) CEO Richard Adkerson to discuss the Grasberg gold and copper mine in Papua New Guinea, and agrees FCX needs freedom to operate the mine in the way it sees fit in the near term but that the government insists on having a voice.
- Now read: The Curious Case Of Freeport-McMoRan
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