Lundin leaves Indonesia in one swoop

Indonesia

JAKARTA, October 9, 2015 – Lundin Petroleum has struck a $22-million sales and purchase agreement to sell its Indonesian assets to Jakarta-based oil and gas company MedcoEnergi, the Swedish independent announced in a company release on Friday.

The deal includes a 25.6-percent participating interest in the Singa gasfield, a 100-pecent interest in the Cendrawasih VII and VIII blocks and a 60-percent participating interest in the South Sokang block. According to the statement, the net reserves of Lundin’s assets total 900,000 billion barrels of oil equivalent.

Before the latest deal was reached, Medco already had a 74.1-percent stake in the Singa gasfield. After government approval, the agreement will have an effective date of October 1.

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