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  • Pertamina and PTTEP Acquire Hess’s Subsidiaries in Indonesia for USD1.3 billion
    édité le 02/12/2013 - Plus de news de "PERTAMINA" - Voir la fiche entreprise de "PERTAMINA"

Pertamina and PTTEP Acquire Hess’s Subsidiaries in Indonesia for USD1.3 billion
PT Pertamina (Persero) announces that its wholly owned subsidiary, PT Pertamina Hulu Energy, jointly signed Share Purchase Agreements (SPAs) with PTTEP Netherlands Holding Cooperatie U.A.(a subsidiary of PTTEP) to acquire Hess's subsidiaries which hold 75% participating interests in Pangkah Block and 23% participating interests in Natuna Sea A Block. The two blocks are located in offshore.

The acquisition is on a basis of 50:50 between Pertamina and PTTEP. Total transactions for the acquisition is approximately US$1.3 billion in which Pertamina will fund its proportionate share. Completion of the transactions is subject to customary closing conditions as prescribed in the SPAs.

Pangkah Block is an oil field located in East Java Sea, Indonesia. The current production is approximately 7,000 barrels per day of liquids and 33 million cubic feet per day of gas, with total proven and probable reserves (2P) of 110 million barrel of oil equivalent (BOE). After the completion of the transaction, Pangkah Block will ultimately be jointly operated by Pertamina and PTTEP.

Meanwhile, Natuna Sea A Block is a gas field located in West Natuna Sea, near the border between Malaysia and Indonesia. The current production is approximately 145 million cubic feet per day of gas from Anoa Field, 75 million cubic feet per day of gas from Gajah Baru field and 2,350 barrels per day of oil, with total proven and probable reserves (2P) of million 209 barrel of oil equivalent (BOE). The Partners in Natuna Sea A Block are Premier Oil (the Operator), KUFPEC and Petronas which hold participating interest of 28.67%, 33.33% and 15% respectively.

The acquisition of Pangkah and Natuna Sea A is in line with Pertamina’s growth strategy to acquire more producing assets that provides an immediate addition to production and reserve hence increase the revenue. Moreover, it also strengthen Pertamina position as a backbone of Indonesia’s national energy security. Pertamina aspires to be a dominant upstream player in domestic by 2015 and to broaden its international footprints. By the year 2025, it is projected that Pertamina production will be about 2,2 million BOEPD that contributed equally from domestic and overseas operation.

Pertamina believes that the cooperation between Pertamina and PTTEP with strong operational experiences in the region, will contribute to the continued success of the projects.

About Pertamina

Pertamina (PERSERO) as a state-owned company to carry out integrated business core in oil, gas, renewable and new energy based on strong commercial principles both inside and outside the country, Pertamina strives to provide the best and a real contribution to the welfare of the nation in utilizing every potential of Indonesia

About Hess Corporation

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas.

Origine : Communiqué PERTAMINA

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