Chevron Corporation (NYSE: CVX) is making moves to re-establish its footprint in Indonesia’s energy sector, just two years after exiting the region.

The oil and gas giant is reportedly evaluating gas blocks with reserves totaling around 15 trillion cubic feet (Tcf), signaling renewed interest in Southeast Asia’s untapped energy potential.“Chevron is seriously evaluating some of the available assets,” confirmed Indonesia’s upstream regulator, underscoring the strategic importance of the move.

New exploration opportunities are expected to become available in regions such as Bali and eastern Indonesia.The Houston-based company had previously pulled out of the Indonesia Deepwater Development (IDD) project in 2023 due to stalled progress and facility redesign issues. That project, located in the Makassar Strait, held an estimated 3 Tcf of recoverable gas.

Now, Chevron appears focused on larger and more commercially viable prospects. The shift comes amid ongoing challenges in other regions. “Operations in Venezuela have been halted due to licensing issues, and our Kazakhstan output is under pressure from OPEC+ scrutiny,” said a source close to the company.

While Chevron currently holds a Zacks Rank #5 (Strong Sell), investors are being pointed toward other strong energy plays. Prairie Operating Co. (PROP), Global Partners LP (GLP), and RPC, Inc. (RES) hold higher Zacks Ranks, with PROP and GLP rated as #1 (Strong Buy), and RES as #2 (Buy).

As Chevron eyes a fresh chapter in Indonesia, industry watchers will be paying close attention to how this pivot may reshape its global strategy.