BP PLC (LSE: BP) said it has agreed the sale of its wholly-owned subsidiary BP West Java Ltd (BPWJ) to Indonesian state-owned oil and gas company PT Pertamina for US$280 million.
BPWJ holds a 46 percent interest in and is the operator of the Offshore North West Java production sharing contract (ONWJ PSC) in Indonesia.
The two companies anticipate completing the transaction by June 30 2009 and Pertamina will take over operatorship of the ONWJ assets. In addition, BP and Pertamina have agreed to co-operate on developing coalbed methane in Indonesia.
Andy Inglis, BP's chief executive of exploration and production said: “Indonesia is an important country for BP, where we are focusing our upstream oil and gas interests on the continuing development of our VICO joint venture in Kalimantan and our Tangguh LNG project in Papua.”
The sale will not affect BP's other interests in Indonesia, which remains a core area for BP with the Tangguh, VICO, Castrol and petrochemical businesses. BP is continuously looking for ways of growing these assets and accessing new opportunities through development, exploration and renewal, the company added.www.proactiveinvestors.co.uk
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