China Knowledge reported that CNOOC Ltd China largest offshore oil company has sold a 36.7% stake in an Indonesian oil and gas block, named Offshore North West Java or ONWJ, to Bakrie & Brothers Tbk, owned by Bakrie family at a consideration of US$212 million.

PT Energi Mega Persada, a subsidiary of Bakrie & Brothers will take control of ONWJ, which has produced oil reserves of 22.26 million barrels of oil equivalent or BOE. The block's average daily output for the first nine months of this year reached 62,000 BOE including 14,000 BOE owned by CNOOC.

A person familiar with the situation said the oil and gas block's contract will expire in January 2017.

(Sourced from China Knowledge)