Swedish oil and gas company Lundin Petroleum has sold its oil and gas assets in Indonesia to Indonesian firm PT Medco Energi Internasional.
The agreement includes the non-operated interest in the producing Singa gas field and the operated interests in the South Sokang and Cendrawasih VII Blocks, as well as the joint study agreement for the Cendrawasih VIII Block.
The deal is effective October 1 and is for a cash consideration of $22m, subject to conditions.
“We are pleased with the sale of our assets in Indonesia, with net reserves of 0.9 million barrels of oil equivalents. We remain committed to our growth strategy in South East Asia where Malaysia continues to be one of Lundin Petroleum’s core areas, “ commented Alex Schneiter, President and CEO of Lundin Petroleum.