PT Pertamina announced it has completed the transaction with ConocoPhillips to acquire their Algerian Business Unit, ConocoPhillips Algeria Limited (COPAL)for a total sales price of $1.75 billion, or approximately $1.65 billion, including customary adjustments.


This acquisition allows Pertamina to assume a 65% participating interest in Block 405a, which contains three main oil fields: Menzel Lejmat North (MLN), Ourhoud, and EMK. Pertamina will have a 65% participating interest and operatorship in the MLN field and a 3.7% and 16.9% interest in the Ourhoud and EMK fields respectfully. Since the signing of the Agreement, the EMK field has been successfully starting its production.


“This major acquisition provides Pertamina with significant volumes of high quality crude and represents a key milestone in our international upstream business expansion efforts. Pertamina looks forward to working closely with Sonatrach, ALNAFT, the Algerian Authorities and Co-Venturers to fully develop the oil production potential of the Block,” President Director and CEO, Karen Agustiawan said.

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 ConocoPhillips

ConocoPhillips (NYSE: COP) is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 29 countries, $55 billion in annualized revenue, $120 billion of total assets, and approximately 18,000 employees as of Sept. 30, 2013. Production from continuing operations averaged 1,511 MBOED for the nine months ended Sept. 30, 2013, and proved reserves were 8.6 billion BOE as of Dec. 31, 2012.