EMP to farm out 50% interest in Mozambique?s Buzi block

By Febry silaban

IDX-listed upstream oil and gas company PT Energi Mega Persada Tbk (EMP) is in the process of farming out up to 50 percent of its interest in Buzi block in Mozambique, Africa, according to a top official of the firm.

?We have opened the data room of the block since two weeks ago in London,? EMP?s President Director Imam Agustino said.

Many companies are interested in the block, and now there are four oil and gas companies from Africa and Europe that have been shorlisted, according to Imam. "The agreement with the partner is expected to be completed by the end of this year,? he said.

EMP owns 75 percent participating interest in the block in a partnership with the Mozambique government who owns another 25 percent through Empressa Nacional de Hidrocarbonetos (ENH).

Editing by Johannes Simbolon