Repsol sells Tangguh LNG stake to BP

Spain’s Repsol said it has sold its 3.06 percent stake in the Tangguh liquefied natural gas (LNG) project in Indonesia to British firm BP.

The deal is worth about US$313 million dollars. It will generate an estimated pre-tax capital gain of 26 million dollars to Repsol, the Spanish company said.

BP is the operator of the Tangguh LNG project and with this transaction the company owns a little more than 40 percent in the project.

The Tangguh LNG facility is located in Papua Barat Province of Indonesia and consists of offshore gas production facilities supplying two 3.8 mtpa liquefaction trains that have been in operation since 2009.

BP and the other partners in Tangguh have earlier this year made a final investment decision to build a third train at the facility.

The third liquefaction train will add 3.8 mtpa of production capacity to the existing facility, bringing total plant capacity to 11.4 mtpa.

Other partners in the Tangguh production sharing contract are MI Berau (16.30%), CNOOC Muturi (13.90%), Nippon Oil Exploration (Berau) (12.23%), KG Berau Petroleum and KG Wiriagar Petroleum Ltd (10.00%), Indonesia Natural Gas Resources Muturi (7.35%).

LNG World News Staff