Inpex quits South Natuna Sea Block B

Indonesia

JAKARTA, March 28, 2017 – Inpex has sold its 35% stake in the South Natuna Sea Block B to Medco Energi.

Medco had already bought US E&P company ConocoPhillips’ 40% interest in 2016, with the remaining 25% retained by Chevron.

The Japanese company bought into the block in 1977, but announced on Monday that it was shedding Inpex Natuna, the subsidiary that had the stake, citing dwindling cash returns.

Output from the block, which began producing oil in 1979 and gas in 2001, was an average of some 20,000 barrels of oil, 5.58 mcm (197 mcf) of gas and 6,000 barrels of LPG per day in 2016.

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