ExxonMobil acquires Tommy Soeharto's stake in Cepu oil field
Monday, October 30 2000 - 04:00 AM WIB
ExxonMobil Indonesia Inc has acquired 51 percent stake owned by former president Soeharto's youngest son Hutomo Mandala Putra (Tommy) in the Central East Java Oil Block, Bisnis Indonesia reported on Monday.
The company's spokesman Dedy Afidick said that with the takeover, ExxonMobil now controlled 100 percent stake in the oil block.
ExxonMobil previously owned 49 percent stake in the oil block through its subsidiary Ampolex (Cepu) Pty. Ltd,., while Tommy through its company PT Humpus Patragas owned the other 51 percent. Humpus Patragas is a joint venture or joint operating body between state oil company Pertamina (50 percent) and Humpuss (50 percent).
Dedy said that the takeover would allow Exxon Mobil to operate more independently in operating the oil block. But he refused to disclose the value of the transaction involved in the takeover move.
Spokesman for the supervisory board for the operations of foreign oil contractors (BPPKA) Siddick Nitikusuma confirmed the takeover of Humpus' interest in the Central East Java Oil Block.
The takeover is part of a series of acquisitions of the ownership of Soeharto's family and his friends in the country's oil and gas industry.
Beyond Petroleum recently took over the entire take of PT Bimantara Duta Samudra in the Kangean oil field, which produces about 330 million metric standard cubic feet of gas per day. Bimantara, which is owned by Soeharto's second son Bambang Trihatmodjo formerly, owned 10 percent in the oil field, while the remaining 90 percent is controlled by PT Atlantic Richfield Bali North Inc.
Unocal Corporation has been also reported to have acquired PT Nusantara Ampera Bhakti (Nusamba's) interest in Ganal oil block in East Kalimantan and Rapak oil block in the Makassar Strait. Nusamba, partly owned by Bob Hasan owned the oil blocks through PT Nusamba Kaltim Pratama dan PT Nusamba Energy.
Foreign contractors has also taken the stake of Bambang Trihatmodjo in the Sembakung oil block. PT Genindo Citra, owned by Bambang, owned 35 percent in the oil block while Energy Process Services Ltd held the other 65 percent. (*)