ConocoPhillips To Sell Large Portion of Indonesian Assets
Tuesday, March 11, 2003
ConocoPhillips has decided to sell nine of its 13 production sharing contracts in Indonesia. These nine production sharing contracts are with the Indonesian government. The company said it is in the process of selling assets that do not bring adequate returns. The nine areas under PSCs that will be available are located from Sumatra to Papua. Papua and Sumatra are two of Indonesia's most resource-rich provinces. Even though the company is selling these assets, it still remains committed to working in Indonesia.