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Chevron to offload its 25% stakes in South Natuna Sea Block B

JAKARTA (RambuEnergy.com) – Chevron Indonesia said it has decided to offload its 25% participating interest in the South Natuna Sea Block B (SNSB), leaving PT Medco Energi Internasional Tbk as the sole operator and developer of the block.

Chevron, however, is yet to disclose who will be the buyer of its stake. It only said it will offer its working interested to other parties.

In the first semester, SNSB Block produced 60,000 barrels of oil equivalent per day (boepd). Currently, Medco is drilling the third and fourth wells.

Last year, Medco Energi became operator of the block after acquiring 40% interest owned by ConocoPhillips Indonesia Inc. Ltd. (CIIL) and ConocoPhillips Singapore Operations Pte. Ltd. (CSOP), both subsidiaries of ConocoPhillips (COP).

CIIL was previously the SNSB block with a 40% working interest and is also the Operator of the West Natuna Transportation System (WNTS).

CSOP operates the Onshore Receiving Facility (ORF) in Singapore. The WNTS infrastructure together with the Malaysian pipeline is, and will continue to be the focal point for the commercialization of existing discoveries and ongoing exploration activity within the Natuna area.

In March this year, Medco further acquired 35% interest in SNSB from Inpex Corporation, making Medco to control 25% interest in SNSB block.

The acquisition of SNSB block has enabled Medco to gain access to a world-class integrated offshore oil and gas operation as well as strengthen its position as Indonesia’s premier independent energy and natural resources Company. (*)

 

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