32 Investors Eye for Shell Stakes in Masela Block
Shell Upstream Overseas Ltd said it would withdraw from the Masela Block by releasing participating interest (PI). The Dutch energy company had reported their plans to leave the oil and gas block in Maluku to the Ministry of Energy and Mineral Resources (ESDM) in January 2020, a source familiar on this matter told D-Insights. However, Shell remains committed to overseeing the divestment process of a 35 percent stake in the Masela Block until completion and transferring to the new owner.
The source said, Inpex Corporation, the block's manager, which owns 65 percent stakes, did not take the first chance to acquire Shell shares until the purchase rights period by existing investors ended in April. Furthermore, the ESDM Ministry made an open bid. A total of 32 investors have requested access to the Masela Block data. The Ministry expects that the Shell shares divestment process will be completed by the end of this year, to keep Masela Block production schedule on target.