KUALA LUMPUR (Jan 25): GENTING BHD [] is exiting its Natuna oil and gas (O&G) business in Indonesia after its 95% subsidiary Swallow Creek Ltd sold all its interests to Australia’s AWE Ltd for US$39 million cash.
Genting said on Wednesday Swallow Creek was disposing of its 100% stake each in Genting Oil Natuna Pte Ltd (GONPL) and Sanyen Oil & Gas Pte Ltd (SOGPL) for US$39 million.
Under the deal, Swallow Creek would also assign loans and receivables owed to the company by GONPL and SOGPL of US$100 million to AWE – which is an Australian oil and gas exploration and production company.
GONPL and SOGPL are both Singapore incorporated companies principally involved in O&G exploration and development in the Natuna Sea, Indonesia.
GONPL and SOGPL own a 100% participating interest in the Northwest Natuna Production Sharing Contract and Anambas Production Sharing Contract in Indonesia respectively.
Genting said it expected the disposal to be completed in February 2012.
Genting said on Wednesday Swallow Creek was disposing of its 100% stake each in Genting Oil Natuna Pte Ltd (GONPL) and Sanyen Oil & Gas Pte Ltd (SOGPL) for US$39 million.
Under the deal, Swallow Creek would also assign loans and receivables owed to the company by GONPL and SOGPL of US$100 million to AWE – which is an Australian oil and gas exploration and production company.
GONPL and SOGPL are both Singapore incorporated companies principally involved in O&G exploration and development in the Natuna Sea, Indonesia.
GONPL and SOGPL own a 100% participating interest in the Northwest Natuna Production Sharing Contract and Anambas Production Sharing Contract in Indonesia respectively.
Genting said it expected the disposal to be completed in February 2012.
