Companies / Indonesia
Exxon Lets Go of Aceh Field
April 2006 | Company News AlertExxonMobil has sold off its stake in a gas field located in Indonesia's Aceh province for US$51mn, a decision prompted by the US oil major's struggle to up the field's small and costly output. The consortium which bought the 50% stake includes Japan Petroleum Exploration (Japex), the UK's Premier Oil and Indonesian domestic player PT Medco Energi International. Operator of the field ConocoPhillips holds the remaining 50% interest, but there are unconfirmed reports of the US oil major seeking to swap its stake for another field in Indonesia. Indeed, last year the government had asked Conoco to develop the gas
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