Total sells Tuban stake<\/p>\n
PARIS (Reuters): French energy group Total said yesterday it
\nhad agreed to sell its 12.5 percent stake in the Tuban permit in
\nIndonesia to Santa Fe Energy of the United States, as part of a
\nstrategy of selling non-core assets.<\/p>\n
The permit is on Java island and includes the Mudi onshore
\nfield, which produces 7,000 barrels of oil daily, Total said in a
\nstatement. It gave no financial details.<\/p>\n
\"All of the group's output in Indonesia is currently generated
\nby the Mahakam permit in East Kalimantan, where Total reported a
\n1997 output of 26 million barrels of oil and condensates and 12.3
\nbillion cubic metres of gas,\" it said.<\/p>\n
It said it now supplies about half the gas needs of the
\nBontang plant, the world's largest liquefaction complex. It would
\ncontinue to develop the Mahakam permit, with start-up production
\nin three new fields at Peciko, Sisis and Nubi due in the next
\nfive years.<\/p>\n
It said it would be the leading gas producer in Indonesia by
\n2003.<\/p>\n
Total said it also expanded its scope of exploration elsewhere
\nin Indonesia in 1997.<\/p>",
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