Continental seeks to expand upstream portfolio

By Alexander Ginting

US oil, gas exploration firm is in talks with Indonesian investor group to expand its business in Indonesia and into other parts of southeast Asia.

The company said it intended to leverage its in-house geoscience technical expertise in Indonesia into non-conventional gas exploration and production and is targeting stranded gas and coal bed methane as attractive energy sectors for expansion.

The company said it also planned to expand its operations into other Southeast Asian countries outside of its core Indonesian operations in the Bengara-II exploration block, onshore East Kalimantan.

"We are pleased to report that the company's association with our new local investor group not only expands our access to capital markets and future financings, it also provides us with a capable joint venture partner to expand beyond Indonesia and into other parts of Southeast Asia," the company said.

Editing by David Mustakim