EEX in talk to sell Indonesian assets
Saturday, February 23 2002 - 04:40 AM WIB
US independent oil firm EEX Limited said Friday it was currently in negotiating its Indonesian assets sale with an undisclosed buyer.
EEX is offering to sell 25 percent stake in Tuban joint operating body (JOB) area, an oil and gas production block adjacent to ExxonMobil?s Cepu giant oilfield. Tuban JOB currently produces some 10,000 barrels of oil per day.
Earlier EEX said it expected the sale could be completed in the first quarter of this year.
Tuban JOB block is operated by Devon Energy with 25 percent working interest while state oil and gas company Pertamina holds 50 percent.
Late last year, Devon and partners successfully hit 4,000 barrels per day new oil find in Tuban JOB. (alex)