EMP eyeing to acquire more upstream assets

IDX-listed oil, gas firm PT.Energi Mega Persada is eyeing to acquire 2-3 upstream oil, gas assets with reserves of 100-200MMBOE, Bisnis Indonesia reported.

VP Capital Markets Herwin Hidayat said the acquisition process, which is estimated to cost the company US$100-200 million, would be completed by fourth quarter of this year.

Herwin did not disclose the names of the assets the company intended to acquire. (*)