Indonesia's PT Energi Mega Persada Tbk has received six bids for its 50 percent stake in the Kangean block offshore East Java as it seeks funds to repay debt, the energy explorer's chief executive said on Wednesday, Reuters reported.
But chief executive Christian Ponto said the company, part of the Bakrie group controlled by the family of Indonesia's chief social welfare minister Aburizal Bakrie, may delay the sale if it fails to get a reasonable price.
The planned sale comes as energy prices have slumped in recent months amid a global economic slowdown.
"Five of them are foreign bidders and one is local. The foreign bidders are from Australia, Asia and Europe," Ponto told a news conference.
He declined to name the bidders or the sale price the firm was targeting, but said the firm expected to announce the result within the next 1-2 months.
Japan Petroleum Exploration Co and Mitsubishi Corp jointly hold 50 percent of the block, which has reserves of 239 million barrels of oil equivalent.
Energi Mega said in a statement its outstanding debt stood at $550 million.
Shares in Energi fell 8.9 percent to 72 rupiah on Wednesday, compared with a 4 percent gain in the broader market.
Shares of companies under the Bakrie group have fallen sharply over recent weeks amid worries over the group's debt exposure.