Indonesian state-owned oil and gas company PT Pertamina said it is ready to take over all assets of ConocoPhillips in the country.
The company, based in Houston, Texas, the United States, has announced plans to sell its entire assets abroad.
The ConocoPhillips assets in Indonesia are estimated to be worth US$600 million-US$700 million.
Pertamina Vice President Bayu Kristanto said Pertamina has set aside fund for the takeover of the oil and gas related assets.
Raden Priyono, the head of the oil and gas regulator BP Migas, said ConocoPhillips produces 265 MMscfd and 20,000 barrels of crude oil per day from the North Belut gas field in Block B in South Natuna Sea.