Oil and gas exploration company ConocoPhillips is reportedly looking to sell its stake in a production sharing block in Indonesia.

Reuters said that the company soon plans to seek buyers for the stake in the South Natuna Sea Block B, which it operates in the Natuna Sea.

The company’s representatives did not reveal whether the whole stake or a portion of the block would be sold.

The latest move by the US-based company comes as it reviews its Indonesia portfolio following sharp fall in prices of crude oil.

"The company’s representatives did not reveal whether the whole stake or a portion of the block would be sold."

Upstream oil and gas regulator SKKMigas spokesman Elan Biantoro told the news agency that the company has proposed to the agency to open its data room for the block.

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The South Natuna Sea Block B is 40% owned by ConocoPhillips, and other participants include Chevron with 25%, and Japan’s Inpex with 35%.

In Indonesia, ConocoPhillips operates two oil and gas blocks, which include Natuna and the Corridor Block in South Sumatra.

Indonesia’s Energy Minister Sudirman said that the company contributes more than 20% of the country’s gas production, 24% of its liquefied petroleum gas output and 6%-7% of its crude oil production.

Under the contract, ConocoPhillips will operate the Natuna Sea Block B till 2028.

Image: ConocoPhillips headquarters in the Energy Corridor district of Houston, Texas, US. Photo: courtesy of ConocoPhillips Company.