ConocoPhillips is enacting two Asia-Pacific transactions aimed at lowering its aggregate decline rate and diversifying its product mix, the company said in a release Dec. 8. Indonesia Corridor PSC The operator has agreed to sell its subsidiary that indirectly owns the operator’s 54% interest in the Indonesia Corridor Block Production Sharing Contract (PSC) and a 35% shareholding interest in the Transasia Pipeline Co. Pvt. Ltd. (Tranasia) to PT Medco Energi Internasional Tbk for $1.355 billion. The deal is expected to close early 2022, subject to conditions. The PSC has two producing oil fields and seven producing gas fields onshore South Sumatra. The majority of production is gas sold under long-term contracts to Indonesian and Singapore counterparties. Through Transasia, MedcoEnergi will own a minority interest in the gas pipeline network supplying Central Sumatra, Batam, and Singapore customers. MedcoEnergi expects 2022 pro forma oil and […]