BP divests interest in North Arafura PSC

By Godang Sitompul

BP Indonesia said it has reached an agreement with PT Indoland Anugerah Abadi (part of the Mandiri Oil Group) to sell stake in North Arafura PSC to the latter, but did not disclose the size of the divestment.

"BP has reached an agreement to divest its interest in the North Arafura PSC to PT Indoland Anugerah Abadi, which is subject to government of the Republic of Indonesia approval. The terms of the agreement are confidential." William Lin, BP Regional President Asia Pacific told Petromindo.com. He did not provide further details.

BP was awarded a 100 percent interest in the North Arafura oil and gas PSC in Papua in November 2010.

The North Arafura PSC is located on the coast of the Arafura Sea, 480 kilometres southeast of the BP-operated Tangguh plant, covering an area of just over 5,000 square kilometers.

Editing by Reiner Simanjuntak