US oil company ConocoPhillips sells stake in three oil fields to Indonesian upstream operator
The US ConocoPhillips has sold its Algeria business unit to Indonesias Pertamina for $1.65bn.
Under the terms of the deal, Pertamina would take ownership of ConocoPhillips upstream operations in Algeria. These include the companys stake in the Block 405A concession, which comprises of the Menzel Lejmat North, Ourhoud and EMK oilfields.
Pertamina said the deal, would increase their oil production from 23,000 barrels a day (b/d) to 35,000 b/d.
Any deal would still need to be endorsed by the Algerian state-owned oil major Sonatrach, which has first refusal on buying back any domestic hydrocarbons assets.
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