Interra may sell 50% stake in ONWJ, SES venture unit

Singaporean oil firm Interra Resources Limited said Thursday it had accepted an unsolicited non-binding offer from a third party to dispose of its 50 percent equity interest in Orchard Energy Holding Java & Sumatra B.V., a company that holds a 5 percent interest each in Offshore Northwest Java (ONWJ) and Southeast Sumatra (SES) PSCs.

?Discussions with the third party are presently at a preliminary stage and the transaction may or may not materialise as it would be subject to, inter alia, definitive and binding agreements being entered into by the relevant parties,? Interra said in a statement to the Stock Exchange of Singapore.

CNOOC-operated SES has recently commenced delivering natural gas to the 750-megawatt Cilegon combined-cycle power plant in West Java. The block is Indonesia's largest offshore crude producer. BP PLC-operated ONWJ block produces gas and liquids from its north Java fields. (Robert)