BP Releases 26 Percent of its Stake in the Sanga-Sanga Block

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23/11/2016 12:56 WIB

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Sanga-Sanga Block Ownership

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BP Indonesia has decided to exit the conventional Sanga-Sanga Block by selling its entire operating rights in PT Saka Energy Indonesia. BP, through its subsidiary BP East Kalimantan, held a 26.25 percent operating interest in the conventional Sanga-Sanga Block and has sold it to a subsidiary of PT Perusahaan Gas Negara Tbk.

Despite selling its entire operating rights in the conventional Sanga-Sanga Block, BP retains a 50 percent operating interest in the Sanga-Sanga Coal Bed Methane contract, which expires in 2039.

The conventional Sanga-Sanga Block contract was first signed in 1968 and was due to expire in 2018. Head of Country BP Indonesia, Dharmawan Samsu, stated that the reason for selling the operating rights in the Sanga-Sanga Block was to align with the company's portfolio.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."