U.S. oil and gas company ConocoPhillips is reviewing its portfolio in Indonesia and may soon seek buyers for a stake in a production sharing block it operates in the Natuna Sea, company and government sources said.
The company has proposed to upstream oil and gas regulator SKKMigas to open its data room for the South Natuna Sea Block B, the agency's spokesman Elan Biantoro told Reuters, noting that such requests were usually made by companies "that want to farm out their participating interests."
ConocoPhillips was opening the data room to offer its share to other investors, spokesman Joang Laksanto confirmed to Reuters.
ConocoPhillips holds a 40 percent interest in South Natuna Sea Block B, and other companies with participating interests are Chevron, with 25 percent, and Japan's Inpex , which holds 35 percent.
Operating two oil and gas blocks in Indonesia - Natuna and the Corridor Block in South Sumatra - ConocoPhillips contributes more than 20 percent of Indonesia's natural gas production, 24 percent of its liquefied petroleum gas output and 6-7 percent of its crude oil production, according to Indonesia's energy minister, Sudirman Said.
ConocoPhillips' contract to operate the Natuna Sea Block B is due to expire in 2028.
Recommended Reading
Going with the Flow: Universities, Operators Team on Flow Assurance Research
2024-03-05 - From Icy Waterfloods to Gas Lift Slugs, operators and researchers at Texas Tech University and the Colorado School of Mines are finding ways to optimize flow assurance, reduce costs and improve wells.
Defeating the ‘Four Horseman’ of Flow Assurance
2024-04-18 - Service companies combine processes and techniques to mitigate the impact of paraffin, asphaltenes, hydrates and scale on production — and keep the cash flowing.
Subsea Tieback Round-Up, 2026 and Beyond
2024-02-13 - The second in a two-part series, this report on subsea tiebacks looks at some of the projects around the world scheduled to come online in 2026 or later.
Drilling Tech Rides a Wave
2024-01-30 - Can new designs, automation and aerospace inspiration boost drilling results?
2023-2025 Subsea Tieback Round-Up
2024-02-06 - Here's a look at subsea tieback projects across the globe. The first in a two-part series, this report highlights some of the subsea tiebacks scheduled to be online by 2025.