ExxonMobil sells Indonesia assets to Pertamina

ExxonMobil sells Indonesia assets to Pertamina

ExxonMobil Indonesia has signed an agreement to sell its assets in Aceh to Indonesia’s state run energy giant Pertamina amid the doldrums in the offshore oil sector, according to local media reports.

The assets include the full stake in North Sumatra Offshore block, full interest in B block and 30% stake in PT Arun Natural Gas Liquefaction.

Pertamina upstream director Syamsu Alam said the deal has been approved by authorities and the asset transfer is expected to be completed in early October.

ExxonMobil Indonesia vice president public and government affairs Erwin Maryoto said the company remained committed to Indonesia but continually reviews its assets in line with the firm’s operating needs and financial objectives. A number of employees of ExxonMobil will also join Pertamina along with the transaction.

Following the completion of the deals, ExxonMobil’s key asset in Indonesia will be the Banyu Urip field at Cepu Block.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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