ExxonMobil sells its 49% interest in Cendrawasih block

ExxonMobil Indonesia has sold its 49 percent participation interest in the Cendrawasih oil and gas block in the Cendrawasih gulf, West Papua to Black Gold Energy, an affiliate of Niko Resources, Bisnis Indonesia reported .

Elan Biantoro, the head of the public division of upstream oil and gas regulatory body SKK Migas said in Jakarta that the divestment of ExxonMobil?s ownership in the Cendrawasih block had been approved by the Energy and Mineral Resources Ministry.

The acquisition raised the ownership of Black Gold Energy in the Cendrawasih block to 100 percent. The company previously held a 51 percent stake in the oil and gas block.

?We are now waiting for the transfer of the operatorship from ExxonMobil to Black Gold,? Elan said. ExxonMobil was previously the operator of the Cendrawasih block which covers an area of 4,991 square kilometers in the Cendrawasih gulf. (*)