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.