Devon Energy to sell Indonesian assets
Monday, October 29 2001 - 04:13 AM WIB
Devon Energy, an oil company based in Houston, the United States, will sell all its Indonesian oil fields as part of its program to focus its investment in other country.
Pertamina president Baihaki Hakim said in Jakarta last week that the American company needed much fresh funds to finance its projects in other country.
Devon Energy began its investment in Indonesia in May 2000 when its holding company acquired majority stake in Santa Fe Energy Resources, which operates several oil blocks in Indonesia.
The oil blocks, located in Jambi, East Java and Irian Jaya, have been under the control on Devon Energy after the acquisition. (*)