Indika Energy to Buy Stake in West Papua Oil, Gas Block

Indonesia's Indika Energy will buy a 10 percent stake in West Papua oil and gas block from Indonesian unit of French oil major Total, Reuters said citing a statement by Total.

Total will sell shares of Southwest Birds' Head production sharing contract to Indika Energy's PT Indika Multi Daya Energi unit, Reuters said.

"This transaction is a first step for developing a wider cooperation between Total and Indika Energy and demonstrates Total's ability to team up with quality local partners to explore and develop Indonesian Oil & Gas resources," Total's Indonesia CEO Elizabeth Proust said in the statement.