PT Medco unit to acquire Inpex Natuna stake

PT Medco Daya Sentosa, a subsidiary of PT Medco Energi Internasional TBK, Jakarta, is acquiring all the remaining shares of Inpex Natuna Ltd., which owns 35% in South Natuna Sea Block B offshore Indonesia.

PT Medco Daya Sentosa, a subsidiary of PT Medco Energi Internasional TBK, Jakarta, is acquiring all the remaining shares of Inpex Natuna Ltd., which owns 35% in South Natuna Sea Block B offshore Indonesia. Inpex Natuna is a unit of Inpex Corp., Tokyo.

Block B covers 11,155 sq km about 1,200 km north of Jakarta. Results from Block B in 2016 included 20,000 b/d of crude, 197 MMcfd of natural gas sales, and 6,000 b/d of LPG.

Inpex acquired a participating interest in the block in 1977, with crude oil production beginning in 1979 and natural gas in 2001.

Other interest holders are operator Medco E&P Natuna, 40%, and Chevron Corp., 25%.

Transfer of 30.361 million shares to Medco for $167 million is scheduled for the end of May (OGJ Online, Apr. 4, 2016).

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