Amerada Hess sells stakes in Jabung PSC to Petronas, Petrochina

US oil company Amerada Hess Corporation announced Wednesday that it had completed the sale of its 30 percent interest in the Jabung PSC, in Jambi province to a consortium comprising PetroChina International (Jabung) Limited and Petronas Carigali (Jabung) Limited for a total cash of US$164 million, including working capital.

The list of buyers excludes state oil and gas company Pertamina, which was earlier included in the consortium.

The company said the sale included its 20 percent interest in an associated downstream project for development of facilities for the processing and sale of LPG and light naphtha. Approximately $22 million of the consideration is deferred and will be payable to Amerada Hess if certain milestones are reached on this project.

The Jabung PSC is located onshore Jambi, and includes the North Geragai, Makmur, Gemah, Northeast Betara and North Betara oil and gas fields. PetroChina operates the block.

Prior to acquisition, each PetroChina and Petronas have 30 percent working interest in Jabung PSC, while Pertamina has 10 percent. (alex)