US oil and gas company ConocoPhillips is reportedly planning to divest its stake in a South Natuna Sea Block B in Indonesia.

Upstream oil and gas regulator SKKMigas’ spokesman Elan Biantoro was quoted by Reuters as saying that the company has issued a request to open data room for the South Natuna Sea Block B.

These kinds of proposals are generally made by firms willing to offer their participating interests to investors, Biantoro added.

ConocoPhillips holds 40% stake in the South Natuna Sea Block B,while other partners include Chevron and Inpex with 25% and 35% interest, respectively.

The Natuna Sea Block B concession contract is set to expire in 2028.

Located approximately 1,200km north of Jakarta, the block comprises several oil and gas fields including South Belut gas field, Belida oil field, the Belanak oil and gas field, the Tembang gas field, the Hiu gas field, the Kerisi gas field, the North Belut gas field and the Bawal gas field.

ConocoPhillips operates the Corridor Block in South Sumatra.

Citing Indonesia Energy Ministry, the news agency had earlier reported that ConocoPhillips plans to invest $2.5bn in upstream oil and gas industry over the next three or four years in the country.

The company also contributes 24% of the country’s liquefied petroleum gas production and up to 7% of crude oil production.