Bidders fail to satisfy ExxonMobil

By Godang Sitompul

A number of companies are seeking to acquire the assets owned by ExxonMobil Indonesia (EMOI) in Aceh, but none of the bids from the companies are apparently attractive enough for the firm.

The company, which is the subsidiary of Texas-based energy giant ExxonMobil Corp., suggested on Wednesday it had yet to find a suitable buyer for the assets.

?Once we have met a bidder who offer suitable price, we shall release the asset. We don?t need to release the assets if the (bidding) price is not suitable,? Asep Sulaiman, Senior Vice President of Exploration & External Relations told Petromindo.com.

?We are still in the process of marketing and internal review. No decision has been made to release the assets,? he said.

In August last year, the company announced its intention to sell its assets in the province, including the Arun field and North Sumatra Offshore block. Several companies have voiced interest in the assets, including a consortium comprising state owned fertilizer firm PT Pupuk Sriwijaya (Pusri), PT Medco Energi Internasional and state owned gas distributor PT Perusahaan Gas Negara; the consortium of PT Intera Arun Energi, PT Ratu Prabu Energi and Triangle Energy; PT Energi Mega Persada, which is an affiliate of the Bakrie Group; and little known company called Mandiri Oil.

In March this year, Medco?s President Director Lukman Mahfoedz said the consortium had officially submitted a proposal to acquire the assets.

Editing by Johannes Simbolon