Report: ConocoPhillips finds buyer for offshore block in Indonesia

Report ConocoPhillips finds buyer for offshore block in Indonesia

Indonesian energy company Medco is reportedly on the verge of acquiring ConocoPhillips’ stake in the Natuna Sea offshore block in Indonesia.

ConocoPhillips operates the offshore South Natuna Sea Block B with a 40 percent stake. The area has three producing oil fields and 16 natural gas fields in various stages of development.

Reuters based its story on accounts of three people familiar to the matter, who did not wish to be identified. They reportedly said that Medco would announce the deal soon. No financial details were given.

When asked for a comment by Offshore Energy Today, a ConocoPhillips’ spokesperson said: “Unless formally announced by our company, ConocoPhillips does not comment on ongoing business development or commercial activities.”
To remind, ConocoPhillips has been working on asset sales, primarily deepwater fields in the U.S. Gulf of Mexico, but it also mentioned Indonesia in one of its previous quarterly reports.

The company is working to achieve a goal of $1 billion of proceeds from asset sales in 2016, aiming to use the obtained cash to service debt.

ConocoPhillips CEO has previously said the company’s aim is to reduce debt as it matures, adding that debt payment could be accelerated as assets sales progress.

As for the soon to be sold offshore block in Indonesia, natural gas production from it is sold under international sales agreements to Malaysia and Singapore, and liquefied petroleum gas is sold locally for domestic consumption.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

OPITO Global – The Safety and Competence Conference

OPITO Global – The Safety and Competence Conference, is the only international event focused on debating…

read more >

Offshore Energy Exhibition & Conference 2018

Offshore Energy Exhibition & Conference (OEEC) is Europe’s leading offshore energy event. It is unique in bringing together the oil & gas…

read more >

Ocean Energy Europe Conference & Exhibition 2018

The annual Ocean Energy Europe Conference & Exhibition is the meeting point for the whole ocean energy sector…

read more >

Africa Oil Week 2018

The event brings together governments, national oil companies, investors, corporate players, independents and financiers – giving them…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply