Indonesia's Medco agrees to acquire ConocoPhillips' 40 percent stake in Natuna block

Mon Sep 19, 2016 7:46am EDT
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JAKARTA (Reuters) - Indonesia's PT Medco Energi Tbk said on Monday it had agreed to acquire ConocoPhillips' entire 40 percent interest in an oil and gas production sharing block that the U.S. firm operates in the Natuna Sea.

Medco's announcement, which confirmed a Reuters report on Friday, did not disclose the value of the purchase.

Medco's acquisition of ConocoPhillips' interest in the South Natuna Sea Block B off the northwest coast of Borneo island would follow its purchase of a majority stake in Indonesia's second-biggest copper and gold miner Newmont Nusa Tenggara.

(Reporting by Wilda Asmarini; Writing by Eveline Danubrata; Editing by Susan Fenton)