Eight firms interested to acquire Pangkah PSC

By Godang Sitompul

Eight companies have made request to open up data room for the Pangkah PSC, which is planned to be divested by American firm Hess Corporation as it plans to pullout from Indonesia to focus on the US.

Companies interested in the Pangkah PSC are mostly foreign firms from China. Local firm Saka Energi, a subsidiary of state-controlled gas distribution firm PT PGN Tbk, has also expressed interest in the asset, Director for the Management of Upstream Businesses at the Directorate General of Oil and Gas, Naryanto Wagiman told Petromindo.com Tuesday. He did not provide details.

State-owned oil and gas firm PT Pertamina has been previously reported by this portal to be also interested in the Hess assets.

?Pertamina is interested in all assets as long as they meet its economic criteria, strategy and objectives. Hess?s assets are interesting,? Pertamina?s Development and Risk Management Director Afdhal Bahaudin told Petromindo.com, but did not specify which assets the company is eying at.

Hess recently announced its plan to pull out from Indonesia as it plans to focus on American market. According to the Oil and Gas Book 2013 published by Petromindo, the firm is the operator in four blocks, namely Pangkah PSC, in which it has a 75 percent stake, Semai V PSC (100 percent), South Sesulu PSC (100 percent), and Offshore Timor Sea I PSC (100 percent). It also owns non-operator stakes in another three blocks, namely Natuna Sea Block A PSC (23 percent), Kofiau PSC (42.5 percent) and West Timor PSC (49 percent).

Editing by Reiner Simanjuntak