Shell and Chevron have agreed to sell their stakes in several offshore blocks in Indonesia,potentiallyclearing a path to development of two long-stalled gas projects.Despite optimism in Jakarta,the Abadi and Indonesia Deepwater Development(IDD)projects areunlikely to be sanctioned in time to contribute to the country's ambitious target of producing 12billion cubic feet per day of gas by 2030.Indonesia's gas production fell from a peak of around 8.4 Bcf/d in 2010 to around 5.6 Bcf/d in 2022,according to the Statistical Review of World Energy.The divestments-expected for some time-are part of an exodus of foreign investors from theSoutheast Asian country,which has a population of more than 270 million people.For Shell,the company's exit from Abadi will mark the end of a 140-year presence in Indonesia'supstream oil and gas industry.But Italy's Eni will expand its footprint in Indonesia by acquiring Chevron's IDD assets.
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