Lundin Petroleum Sells Indonesian Upstream Assets to Medco for $22M
Sweden's Lundin Petroleum AB (Lundin Petroleum) reported Friday the signing of a sale and purchase agreement (SPA) with PT Medco Energi Internasional TBK (Medco), to sell its oil and gas assets in Indonesia. The Indonesian assets include the non-operated interest in the producing Singa gas field and the operated interests in the South Sokang and Cendrawasih VII Blocks, as well as the joint study agreement (JSA) in respect of the Cendrawasih VIII Block.
Lundin Petroleum and Medco signed the SPA Oct. 8 to sell the Indonesian assets for aggregate cash consideration of $22 million, with an effective date Oct. 1. Lundin Petroleum may also become entitled to certain contingent payments and has an option to receive a future interest in the Cendrawasih Blocks. Completion of the transaction is subject to various conditions, including approval of the Government of Indonesia.
Medco, a publicly listed Indonesian oil and gas company, is Lundin Petroleum's partner in, and the operator, of the Singa gas field.
Alex Schneiter, president and CEO of Lundin Petroleum comments: "We are pleased with the sale of our assets in Indonesia, with net reserves of 0.9 million barrels of oil equivalents. We remain committed to our growth strategy in South East Asia where Malaysia continues to be one of Lundin Petroleum's core areas."
Lundin Petroleum holds a 25.8824 percent participating interest in the Singa gas field (Lematang PSC), a 100 percent participating interest in the Cendrawasih VII Block (Cendrawasih VII PSC), a 100 percent interest in the Cendrawasih VIII Block (Cendrawasih VIII JSA) and a 60 percent participating interest in the South Sokang Block (South Sokang PSC).
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension