ConocoPhillips may sell some Indonesian E&P assets
Wednesday, August 23 2006 - 01:46 AM WIB
US oil firm ConocoPhillips is planning to sell some of its Indonesian E&P assets, an industry source said.
The source, who declined to reveal identity said that the plan to sell the assets was part of the company?s streamlining strategy.
Included in the sale plan, the source said, is Ketapang block offshore East Java, where the company made significant oil finds. The block?s Bukit Tua field is expected to commence production with 20,000 BPD rate late 2008. ConocoPhillips has 50 percent interest in the block with the balance held by Malaysian state oil firm Petronas.
ConocoPhillips Indonesian official could not be reach for confirmation.
A government official, however, confirmed that the company had requested the government to allow it to open data room for Ketapang PSC, Corridor Block PSC, Corridor TAC, South Jambi PSC, and Sakakemang JOB between Septembers to November this year. All the blocks, except Ketapang, are located in Southern part of Sumatra.
ConocoPhillips is one of the top Indonesian non-LNG gas producers from its Natuna Block B PSC and Corridor Block. The company also produces substantial amount of liquids. (godang)