ExxonMobil Sells Assets in Indonesia's Ache

ExxonMobil has sold it oil and gas assets in Indonesia’s Ache to state owned Pertamina, according to Jakarta Post newspaper.

The US firm has sold its 100 percent stake in North Sumatra Offshore (NSO) block, 100 percent interest in B block and 30 percent stake in PT Arun Natural Gas Liquefaction (NGL), which operates the liquefied natural gas plant that has been transformed into a re-gasification terminal. 

The take-over, according to Pertamina upstream director Syamsu Alam, has been approved by the regulator, the newspaper reported Monday.

“Currently, we are working for the transfer and we are aiming to complete all processes in early October,” Syamsu said.

The NSO block and B block used to feed gas into Arun NGL plant which then exported to overseas buyers. But in recent years gas reserves in these blocks have depleted.