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

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

20211209 conocophillips and Medco Energi Internasional

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)

ERWIDA MAULIA, Nikkei staff writer

December 10, 2021 10:44 JST

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.

The agreement, announced Wednesday, includes the sale of the ConocoPhillips subsidiary that indirectly owns 54% of the production sharing contract for the Corridor Block in Indonesia's South Sumatra Province, as well as its 35% shareholding interest in gas pipeline network operator Transasia Pipeline Company.