Sinopec International Petroleum Exploration and Production Corporation has acquired an 18% stake in Chevron‘s deepwater project in Indonesia for $680m.

The project, which includes the Rapak, Ganal and Makassar Strait blocks, is located in the Kutei basin, offshore East Kalimantan, at a water depth of between 550m and 1,900m.

The deepwater project includes one under-producing oilfield and five oil and gas fields, which are yet to be developed.

Remaining recoverable reserves are estimated at 15 million barrels of crude oil and 700 billion cubic feet of natural gas.

The project is expected to have a peak 370,000t of equity oil and 79 billion cubic feet of equity gas in 2016, reports Reuters.