Spain’s Repsol is reportedly planning to sell its stake in BP-operated Tangguh LNG project in Indonesia.
Repsol, which owns a 3.06 percent stake in the LNG project through Talisman Energy, may fetch as much as $300 million from the sale, according to a report by Bloomberg.
The Spanish company has hired Goldman Sachs Group to help find buyers for the Tangguh stake, but there is no guarantee that a deal will be agreed, the report said.
Tangguh LNG project, which started production in 2009, involves the development of six gas fields in the Wiriagar, Berau and Muturi production sharing contracts in Bintuni Bay, Papua Barat.
BP and partners are currently working on expanding the LNG plant’s production capacity, raising it to 11.4 mtpa with the addition of a third 3.8 mtpa train.
LNG World News Staff