EMP starts receiving interest for its African asset

By Nova Farida

IDX-listed oil and gas company PT Energi Mega Persada Tbk (EMP) plans to sell its operating interest in Buzi EPCC block, in Mozambique, as the company aims to focus in Indonesia?s oil and gas sector.

EMP Investor Relations Manager Herwin W. Hidayat said on Wednesday that there are three companies which have expressed interest to acquire stake in the block. ?There are three companies which have expressed interest, one from Asia and two from Europe,? he said, adding that three firms also operate upstream assets in Mozambique.

He said that the three companies are now in the process of evaluating oil and gas data of the Buzi block. He said that while EMP has not set target for the divestment of its African upstream asset, the company hopes it could be concluded in the near future.

EMP holds a 75 percent operating interest in the block, with the remaining 25 percent held by African oil and gas firm Empressa Nacional de Hidrocarbonetos. The block has proven reserves of 283 bcf, and is currently in exploration status.

Editing by Reiner Simanjuntak