ConocoPhillips, Chevron to sell stakes in Indonesia block

ConocoPhillips and Chevron plan to sell their interests in an oil and gas block in Indonesia, according to Reuters. The stakes are located in South Natuna Sea Block B.

ConocoPhillips has a 40% operating interest in the production sharing contract (PSC) for the block, and Chevron has a 25% interest, while Inpex Corp. has a 35% interest. The PSC is due to expire in 2028.

Reuters noted that the block has three producing oil fields, along with 16 natural gas fields in various phases of development, including eight gas fields currently in production. Average daily production in 2014 included 5,000 barrels of crude and 117 million cubic feet of gas.

 

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