TOKYO – INPEX has decided to sell its shares in INPEX Natuna to PT Medco Daya Sentosa (Medco).
The transaction involves a 35% interest in South Natuna Sea block B offshore Indonesia.
INPEX entered into the block in 1977, producing first crude oil in 1979 and natural gas in 2001.
Thereafter, crude oil, natural gas and liquid petroleum gas development and production activities were extended to multiple oil and gas fields in the block.
However, the resultant income and cash flow are declining, hence the sale, which is designed to optimize the company’s global asset portfolio.