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Energy

ConocoPhillips to sell Indonesia oil, gas assets for $1.35bn

U.S. company to use proceeds to boost stake in Australian LNG producer

The deal between ConocoPhillips of the U.S. and Indonesia's Medco Energi Internasional includes a block in South Sumatra Province. (Source photo by AP and Medco Energi Internasional website)

JAKARTA -- ConocoPhillips has agreed to sell its interest in Indonesian oil and gas assets for $1.35 billion to local company Medco Energi Internasional, the latest example of an energy major shedding its holdings in Southeast Asia.

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