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BP Exits Indonesian Field

BP has put up for sale a 46 percent stake in an offshore oil and gas field in Indonesias West Java

The Offshore North West Java (ONWJ) block produces 24,000 barrels of oil per day (bpd) and around 220 billion British thermal unit of gas a day, according to an industry source.

"BP plans to complete the divestment by the end of 2009. ONWJ PSC (production sharing contract) has been an important part of our portfolio for many years. However, it does not fit with the company's long term strategy," BP said in its statement.

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

But it said the sale would not affect BP's other interests in Indonesia, which include the $5 billion Tangguh liquefied natural gas project in Papua.

Other major shareholders in ONWJ include China's CNOOC with 36.72 percent and Japan's Inpex with 7.25 percent, BP said.

The Tangguh project is scheduled to see first commercial shipments of LNG in the second quarter of 2009, the company said.

Source: Reuters

Author: Ksenia Kochneva