27 Feb 2009

BP's sale in Indonesia's West Java will not affect Papua's Tangguh

11:59 am on 27 February 2009

The multinational oil company, BP, has put up for sale a 46 percent stake in an offshore oil and gas field in Indonesia's West Java.

But it says the sale would not affect its other interests in Indonesia, which include the 5 billion US dollar Tangguh liquefied natural gas project in Papua.

The Offshore North West Java block produces 24,000 barrels of oil per day and around 220 billion British thermal unit of gas a day.

BP says it plans to complete the divestment by the end of this year.

The company says the operation in West Java has been an important part of its portfolio for many years.

However, it says it does not fit with the company's long term strategy.

The firm declined to give a selling price, saying the information was commercially confidential.

The Tangguh project is scheduled to see first commercial shipments of LNG in the second quarter of this year.