Repsol sells stake in Indonesia block

SINGAPORE, March 13, 2017 – Spanish major Repsol has sold its 50% interest in the Ogan Komering PSC in Indonesia for USD 5.8 million to Jadestone Energy’s subsidiary Jadestone International, the Singapore-based company reported on Monday.

The South Sumatra block, which produces an average of 3,000 boepd, has been jointly operated by subsidiaries of Repsol and Indonesia’s state giant Pertamina, which holds the remaining 50%.

“This is a key first step for Jadestone Energy to open up opportunities in Indonesia and to establish ourselves as a partner of choice with Pertamina through being joint operator in Ogan Komering,” Jadestone’s executive chairman Paul Blakeley said in a statement.

“Ogan Komering is well understood by us, and will bring important cash flows to the Company today, but more significantly has the potential for low-cost, early development of recent gas discoveries, to provide growth going forward.”

News of the sale came days after Repsol struck the largest conventional onshore discovery in the US in 30 years in Alaska.

Read our latest insights on: