Oil major Shell has sold its 35% stake in Indonesia’s Masela offshore block to PT Pertamina Hulu Energi and Petronas.
The sale includes the Abadi gas project. The completion of the sale follows regulatory approval from Indonesia’s Ministry of Energy and Mineral Resources for the transfer of SUOS’ stake to PT Pertamina Hulu Energi Masela and Petronas Masela.
"This divestment is in line with Shell’s focus on disciplined capital allocation. Shell remains active in Indonesia’s downstream and low-carbon fuel sectors," Shell said.
Japan's Inpex holds a 65% operating interest in the Masela offshore block and is the operator of the Abadi gas project located in the block. The Abadi gas project is located in the Masela block, 150 kilometers offshore of Saumlaki in Maluku province, Indonesia.
Shell had acquired its interest in the Masela offshore block in 2011.