ConocoPhillips to Sell Indonesian Assets
JAKARTA (Reuters) - U.S. oil giant ConocoPhillips will sell a large chunk of its Indonesian assets, including nine of its 13 production-sharing contracts (PSC) with the government, to rationalise operations, a senior official said on Tuesday. The Houston company - formed by the 2002 merger of Conoco Inc and Phillips Petroleum Company and which recently posted a $410 million net loss for the fourth quarter of last year - is in the process of selling assets that do not bring adequate returns. "We will sell some assets in Indonesia...We have 15 working areas in Indonesia, including 13 areas under PSCs. We will sell nine areas under PSCs that are located from Sumatra to Papua," Dudung Natanegara, ConocoPhillips vice president of development and relations, told Reuters. "Because of the merger we have to rationalise our assets and we have to follow sound portfolio management practices," he added. Papua and Sumatra are two of Indonesia's most resource-rich provinces. Despite the sale plan, the company remained committed to Indonesia, Natanegara said. "We will continue to operate in Indonesia and we are looking at other promising areas in Indonesia." He declined to give a time frame for sales of the assets or how much they were expected to raise. ConocoPhillips was part of consortium of foreign oil firms which last year signed a $187.6 million deal to buy a 40 percent stake in an Indonesian natural gas pipeline system. ConocoPhillips also has a 20-year contract to supply 1.5 trillion cubic feet of natural gas to Malaysia's Petronas from south Sumatra. That deal was signed in August last year. (C) Reuters Limited 2003. --------------------------------------------------------------------- To unsubscribe, e-mail: [EMAIL PROTECTED] Visit IAGI Website: http://iagi.or.id IAGI-net Archive 1: http://www.mail-archive.com/iagi-net%40iagi.or.id/ IAGI-net Archive 2: http://groups.yahoo.com/group/iagi Komisi Sedimentologi (FOSI) : F. Hasan Sidi([EMAIL PROTECTED])-http://fosi.iagi.or.id Komisi SDM/Pendidikan : Edy Sunardi([EMAIL PROTECTED]) Komisi Karst : Hanang Samodra([EMAIL PROTECTED]) Komisi Sertifikasi : M. Suryowibowo([EMAIL PROTECTED]) Komisi OTODA : Ridwan Djamaluddin([EMAIL PROTECTED] atau [EMAIL PROTECTED]), Arif Zardi Dahlius([EMAIL PROTECTED]) Komisi Database Geologi : Aria A. Mulhadiono([EMAIL PROTECTED]) ---------------------------------------------------------------------
