(Insider Stories) - US's Hess Corporation plans to divest its exploration and production assets in Indonesia and Thailand as well as selling its downstream businesses, including terminals, retail, marketing and trading divisions.

Hess plans to release a 75 percent participating interest and operatorship in the Ujung Pangkah block in Gresik, East Java.

The Ujung Pangkah block currently produces 40 million meters standard cubic feet per day (mmscfd) of natural gas and 7,000 barrels per day (bpd) of oil and condensate.

Hess, which is aiming to focus on its oil production activity, now operates onshore at Thailand’s Sinphuhorm gas field, where the firm holds a 35 percent participating interest.

In Indonesia, Hess had operated the deepwater block Semai V in the eastern part of Indonesia before it decided to relinquish the block earlier this year following years of unprofitable exploration.

The second-largest crude oil producer in Indonesia after American giant Chevron and the third-largest gas producer after France-based Total and British Petroleum and Indonesia state-run energy company PT Pertamina is pumping up its output by aggressively purchasing domestic and overseas oil and gas assets.

Hess’ fellow American company, Texas-based Anadarko Petroleum Corporation, sold its three local subsidiaries to Pertamina last year.

The subsidiaries, Anadarko Ambalat Limited has a 33.75 percent participating interest in the Ambalat block; Anadarko Bukat Limited, which has a 33.75 percent participating interest in the Bukat block; and Anadarko Indonesia Nunukan Company, which holds a 35 percent participating interest in the Nunukan block — all in North Kalimantan.