S'pore to buy stake in Natuna

S'pore to buy stake in Natuna

SINGAPORE (AFX-ASIA): Keppel FELS Energy & Infrastructure Ltd said its unit Singapore Petroleum has bought a 15 percent stake in the West Natuna gas project.

The acquisition was done by acquiring Burlington Resources Inc unit LL&E Indonesia Ltd, which holds the West Natuna stake, it said.

The purchase price was not disclosed.

"The acquisition of a strategic stake in West Natuna gas project will provide the company with a steady stream of revenue and will enable it to participate in the supply of natural gas to Singapore on a long-term basis," Singapore Petroleum and Keppel FELS chairman Choo Chiau Beng said.

"This is in line with Singapore Petroleum's new growth strategy to expand and diversify into the upstream oil and gas business to capture synergies and value in the energy supply chain," Choo said.