You are here

Indonesia's Medco agrees to acquire ConocoPhillips' 40% stake in Natuna block

Monday, September 19, 2016 - 21:53
31_39895815 - 18_09_2016 - US-ECONOMY-OIL-INDUSTRY-NORTHDAKOTA.jpg
Indonesia's PT Medco Energi Tbk said on Monday it had agreed to acquire ConocoPhillips' entire 40 per cent interest in an oil and gas production sharing block that the US firm operates in the Natuna Sea.

[JAKARTA] Indonesia's PT Medco Energi Tbk said on Monday it had agreed to acquire ConocoPhillips' entire 40 per cent interest in an oil and gas production sharing block that the US firm operates in the Natuna Sea.

Medco's announcement, which confirmed a Reuters report on Friday, did not disclose the value of the purchase.

Medco's acquisition of ConocoPhillips' interest in the South Natuna Sea Block B off the northwest coast of Borneo island would follow its purchase of a majority stake in Indonesia's second-biggest copper and gold miner Newmont Nusa Tenggara.

REUTERS

Powered by GET.comGetCom