ConocoPhillips, Star Energy close deal on Kakap block: Source

American energy giant ConocoPhillips and local firm PT Star Energy, have closed a deal which allows the latter to buy the former's working interest in Kakap production sharing contract (PSC), an industry source told Petromindo.Com on Friday.

"Energy Star has paid the initial payment for the acquisition," the source said.

As previously reported, ConocoPhillips had put for sale its interests in four oil, gas blocks in Sumatra including the Kakap PSC (offshore Natuna), Block A PSC (onshore Aceh), Tungkal PSC and Jambi PSC (South Sumatra).

In the Kakap PSC, ConocoPhillips owns a 31.25 percent interest and operatorship in the production block, which is located in the Natuna Sea, approximately 480 kilometers northeast of Singapore.

According to Waterous & Co, a Canadian financial advisory and divestment service firm, ConocoPhillips, through the Kakap offering will be selling a 6.25 percent working interest in the West Natuna Transportation System (WNTS).

Star Energy is set up by Supramu Santosa, former Vice Persident of Gulf Indonesia Resources (now ConocoPhillips) with a local financial advisor PT Nusantara Kapital. (alex)