Chevron Corporation (NYSE:CVX) said it has opened a data room for the sale of its interests in the Indonesian Deepwater Development (IDD) natural gas project in the Kutei Basin, offshore East Kalimantan. Phase 1, known as Bangka, has been producing gas since the third quarter of 2016, but a final investment decision has not yet been taken on the much-delayed Phase 2 to develop the Gehem and Gendalo deepwater gas fields. Energy Intelligence understands that Chevron hopes to find a buyer for both phases. There has been speculation that Italy's Eni -- which holds stakes in both phases -- could be interested in acquiring the US major's operated interests. Chevron said in a statement that Phase 2 of IDD -- the development of Gehem and Gendalo -- "was not able to compete for capital in Chevron's global portfolio". "We believe the project will have value for another operator and the Kutei Basin can continue to be developed safely and responsibly," it added.