BWP sells 30 percent interest in Meruap TAC

PT Binawahana Petrindo (BWP), which operates Pertamina's Meruap block in Sarolangun, Jambi under a technical assistance contract (TAC), has sold 30 percent of its interest in the oil block to other company, Bisnis Indonesia reported Thursday.

Kun Kurnaely, president director of Pertamina's oil and gas exploration and production subsidiary Pertamina EP, confirmed in Jakarta Wednesday about the divestment of BWP's 30 percent interest in the Meruap block.

He declined to unveil the name of the buyer but he said the transfer of working interest or ownership in oil or gas blocks had become normal practices in the country as part of efforts to raise fresh funds to boost exploration activities.

The transfer of the interest in the Meruap block had been approved by the ministry of energy and mineral resources.(*)