ConocoPhillips may be seeking buyers for its stake in an offshore Indonesian gas and oil block as part of a portfolio review.

A spokesman for Indonesian upstream oil and gas regulator SKKMigas told Reuters that ConocoPhillips has proposed that the regulator open up its data room for the company’s interest in the South Natuna Sea Block B.

The spokesman told the news service that such requests are usually made when a firm wants to farm out its participating interest.

A ConocoPhillips spokesman confirmed to Reuters that the company is opening the data room to offer its stake to other investors.

Houston-based ConocoPhillips has not disclosed if it plans to sell a portion of its stake in the Natuna block or if it will sell its entire interest.

ConocoPhillips currently operates the South Natuna Sea Block B with a 40 percent stake.

Chevron holds a 25 percent stake and Japans Inpex holds a 35 percent stake.

The block is projected to produced between 15,000 and 17,000 barrels per day of crude in 2016, down from 21,400 bpd expected this year, according to SKKMigas

South Natuna Sea Block B is also expected to produce between 203 million and 300 million standard cubic feet per day gas in 2016, compared to about 296 million standard cubic feet per day this year, Reuters added.

ConocoPhillips’ contract to operate the Natuna block is set to expire in 2028.

The block is in located in about 300 feet of water and has 11 offshore platforms, four producing subsea fields and one FPSO in addition to two dedicated floating storage and offloading vessels.

The infrastructure supports three producing oil fields, as well as 16 natural gas fields in various phases of development, according to ConocoPhillips.

As of March 2015 there were eight gas fields are in production, with five fields having associated recoverable oil or condensate volumes.

Source: petroglobalnews.com

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