Pertamina eyes BP’s West Java field in Indonesia

27-May-2009 Intellasia | Reuters | 7:06 AM Print This Post

Indonesia’s state energy firm Pertamina is interested in buying BP’s (BP.L) stake in an offshore oil and gas field in West Java, a senior company official said on Monday.

BP has put up for sale a 46 percent stake in the Offshore North West Java (ONWJ) block, which produces 24,000 barrels of oil per day (bpd) and around 220 billion British thermal unit of gas a day.

The oil major has said it wanted to sell its stake because the block did not fit with the company’s long term strategy.

(Getty/AFP)


“Yes, we are interested in BP’s stake,” Karen Agustiawan, Pertamina’s president director, told reporters.

She declined to put a price tag on the stake.

Other major shareholders in ONWJ include China’s CNOOC (0883.HK) with 36.72 percent and Japan’s Inpex (1605.T) with 7.25 percent.

BP has also previously declined to give a selling price for its stake, saying the information was commercially confidential.

But the firm said the sale would not affect BP’s other interests in Indonesia, which include the $5 billion Tangguh liquefied natural gas project in Papua.

Pertamina has said previously that it wanted to expand its upstream activities to help boost oil and gas production, and was looking at several potential oil and gas fields in the country.

Last December, Pertamina said it was seeking a 30 percent stake in a gas field operated by Inpex in the Timor Sea. However, there has been no deal so far for Pertamina to participate in the field.

http://www.reuters.com/article/rbssEnergyNews/idUSJAK42728120090525

 


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