BY ERIC YEP
Indonesia's PT Energi Mega Persada will sell its 10% of the
offshore Indonesia Abadi LNG
project to Japan's Inpex and Shell,
the companies said in stock exchange filings. The price was not
Inpex already owns 60% and Shell 30%. Each gets an
additional 5%. Unit Inpex Masela will get the stake from PT EMP
Energi Indonesia, a unit of PT Energi Mega Persada.
Inpex will continue to operate the project, the statement said.
Energi Mega Persada will use the proceeds to pay debt and
working capital. The field in the Masela block of the Arafura
Sea is estimated to have 18.47 Tcf of certified gas reserves,
Energi Mega Persada said.
Inpex plans to build a floating LNG
plant with an initial gas
production capacity of 2.5 million tons a year.
The Japanese government is Inpex's largest shareholder with
a 19% stake.
Dow Jones Newswires