According to a BP official, who declined to be named, “BP is interested to reduce its stake in the Kangean block and Muriah block [and are] still talking with local and international companies over the issue.”
“[We will, however,] not sell all of [our] 100% stake in the blocks, which are offshore of East Java,” added the official. Local oil and gas firm PT Medco Energi International has already expressed its interest in acquiring some of BP’s disinvested shares in Kangean.
On the matter of the massive Tangguh project in Irian Jaya, BP was very sure that it would hold on to the development, which has 14.4 trillion cubic feet of proved and certified natural gas reserves.
“For Tangguh, I don’t think there is any plan for divestment at this moment,” said the official.
The past few months have seen the energy giant divest its shareholdings in China’s Sinopec Corp and PetroChina, a chain of petrol stations in Malaysia and a refinery in Singapore, which have earned BP around US$2.5 billion.
