Lundin plans to pull out from Indonesia

By Febry Silaban

Swedish oil and gas Lundin Petroleum is planning to pull out from Indonesia and will divest its stakes in the country?s oil and gas blocks, according to a senior official of the firm.

?We have opened our data room. The bidding process is underway, in which a management?s presentation to several interested companies was started at the SEAPEX event in Singapore last month,? Lundin?s Exploration Manager Batara Simanjuntak told Petromindo.com.

He added that his company has appointed a third party, namely Australian firm Miro Advisors, to run the process of supply and sale of the company?s assets.

At present, Lundin operates five blocks, namely Baronang, Cakalang, Gurita, and South Sokang blocks in Natuna Sea, Cendrawasih VII block in the offshore North Papua. As partner, Lundin has a 25.9 percent interest in the Lematang production block in South Sumatra with Medco as operator.

Editing by Reiner Simanjuntak