ConocoPhilips to Exit Papua Project

ConocoPhilips holds a production sharing contract for the Warin block until 2032. (SP Photo/Yudhi Mahatma)

By : Retno Ayunningtyas | on 1:24 PM August 28, 2015
Category : Business, Corporate News

Jakarta. ConocoPhilips, a US energy company, plans to sell its stake in the Warim oil block in Papua in order to narrow its focus on the Palangkaraya oil block in Central Kalimantan.

This would be the second oil block the company seeks to exit in Indonesia after planing to halt its activities at the South Natuna Sea B block.

“They are looking for a company that wants to replace them there,” Amien Sunaryadi, the chief of upstream oil and gas regulator SKKMigas, said on Thursday.

Taufik Ahmad, a vice president at ConocoPhilips, said the company was still working on clearing permits for the Warin block, but stopped short of commenting on the exit plan's details. He also said that the company has yet to reach a definite decision on Natuna project.

ConocoPhilips holds the production sharing contract for the Warin block until 2032, should a substantial oil reserve be found by 2018.

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