Conoco Plans to Sell Stake in Indonesia Oil, Gas Block

ConocoPhillips will soon look for buyers for its stake in a production sharing block it operates in the Natuna Sea, company and government sources said, Reuters reported Tuesday.

The moves comes as the US firm looks to restructure its Indonesian operations.

ConocoPhillips has proposed to upstream oil and gas regulator SKKMigas to open its data room for its holding in South Natuna Sea Block B, the agency's spokesman Elan Biantoro told Reuters.

The company holds a 40 percent interest in South Natuna Sea Block B. Other stakeholders are Chevron and Inpex.

Company representatives declined to comment on whether ConocoPhillips plans to sell its entire stake or a portion of its interest in the Natuna block, Reuters reported.

ConocoPhillips' contract to operate the Natuna Sea Block B is due to expire in 2028.