Repsol's RI sale deal fails

Repsol's RI sale deal fails

MADRID (Reuters): Spanish energy group Repsol said that a China National Offshore Oil Corp (CNOOC) unit told Repsol that the CNOOC unit could not buy Repsol's Indonesian exploration and production assets.

The unit, Offshore Oil and Gas Corp Ltd, told Repsol the Chinese government had not authorized the purchase which had been announced in January, Repsol said in a statement.

The assets represent two stakes in exploration and production in areas in North West Java and South East Sumatra, situated in the coastal platform in Indonesia. Repsol participates here through its Repsol (Java) Ltd, Repsol (Sumatra), E&P Ltd and Repsol Exploracion Sunda BV.