Shell farms out Bukat shares

Shell farms out Bukat shares

JAKARTA (JP): Oil and gas company Bukat Shell B.V. has agreed
to sell 60 percent of its shares in the Bukat oil and gas block
off East Kalimantan to the subsidiaries of Atlantic Richfield
Company (ARCO), Lasmo, Unocal, state oil and gas company
Pertamina said on Monday.

Pertamina spokesman Ramli Djaafar said the agreement was
reached on Sept. 27 but was yet to be approved by the government.

The deal will reduce Shell's stake in Bukat to 40 percent with
Arco Bukat Ltd. holding 37.5 percent of the shares, Lasmo Bukat
Ltd. holding 12.5 percent and Unocal Bukat Ltd. holding 10
percent, Ramli said.

Ramli said Shell and its new partners would conduct a two-
dimensional seismic survey on a 2,000-kilometer area of the Bukat
block at the end of the year.

He said Shell also offered the consortium a similar percentage
of shares in its Ambalat contract area in East Kalimantan. (03)