ConocoPhillips to sell interests in seven oil blocks

BPMIGAS, the government agency in charge of the country?s oil and gas upstream operation confirmed on Thursday that world?s major oil company ConocoPhillips would sell its interest in seven oil and gas blocks in Indonesia.

Kardaya Warnika, vice chairman of BPMIGAS, said that he had personally asked the planned sales of ConocoPhillips? interests in the seven oil and gas block to the company?s management. "The management of ConocoPhillips confirmed that the company would sell its interests in some oil blocks," Kardaya was quoted by Koran Tempo daily as saying. But he refused to elaborate.

Kardaya said that the ConocoPhillips would hold tender to sell the company?s interests in the oil blocks.

Vice President of ConocoPhillips in Indonesia, Dudung Natanegara, however, refused to comment on the planned sales of the oil blocks, saying that he would explain to the press when things related to the sale of the oil blocks had been cleared.

Earlier Dow Jones reported that ConocoPhillips planned to sell the company?s interests in five of its seven oil-block spreading from Sumatra to Papua. Dudung told the news agency that the sale would be part of the consolidation of the company?s operation in Indonesia.

According to Dudung, ConocoPhillips had no plans to pull out from Indonesia but the sale of its interests in some of the oil block is needed to enable the company to concentrate on its gas operation in South Sumatra and West Natuna. (*)