ConocoPhillips confirms intention to sell some Indonesian assets

US oil giant ConocoPhillips on Monday said it intended to continue its presence in Indonesia, but confirmed it was considering to dispose some Indonesian assets.

?What we are considering now is to dispose assets that don?t give full benefit, but at the same time we are also looking for new assets that fit our investment criteria, ? said ConocoPhillips Indonesia senior officer AR ?Dudung? Natanegara in an interview with Petromindo.Com.

Dudung confirmed that the company is considering selling its interest in Kakap PSC offshore West Natuna, along Nila exploration block, also located offshore West Natuna, Block ?A? PSC onshore block in Aceh, Warim exploration block onshore Papua and several other.

Prior to merger with Phillips last year, Conoco Inc. Acquired Gulf Canada Resources, which then controlled Gulf Indonesia Resources, which in turn controlled more than 10 oil, gas blocks all over Indonesia.

Industry source said with the formation of new bigger company, ConocoPhillips was changing its investment criteria and eventually will concentrate on bigger assets such as giant Corridor gas block onshore South Sumatra and its giant gas field South Natuna Block B.

ConocoPhillips last year announced it will streamline its global assets and a US media said the company is targeting US$ 2 billion from the sale of Indonesian assets. (godang