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ConocoPhillips Finalizes Sale of Indonesian Assets to MedcoEnergi for $1.355B

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   |    Thursday,March 03,2022

ConocoPhillips has completed the sale of the subsidiary that indirectly owns its 54% interest in the Indonesia Corridor Block Production Sharing Contract (PSC) and a 35% shareholding interest in the Transasia Pipeline Company to MedcoEnergi for $1.355 billion, with an effective date of Jan. 1, 2021.

After customary closing adjustments, net cash from the sale is approximately $0.8 billion, which accounts for $0.1 billion restricted cash transferred to MedcoEnergi at closing.

The assets sold produced 51 thousand barrels of oil equivalent per day (MBOED) during 2021 and had year-end 2021 proved reserves of approximately 70 million barrels of oil equivalent.

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