ExxonMobil may cancel Block A sale
Saturday, September 3 2005 - 02:14 AM WIB
"The (sale) offer is not definite. If the price (offered by prospective buyers) is not interesting, we shall not divest it (EMOI's stake in the block)," Maman Budiman, EMOI's director of planning, commerical and general affairs, told Petromindo.Com on Thrusday.
EMOI has a 50 percent stake in Block A in a partnership with American firm ConocoPhilips, which has an equal stake and acts as the operator.
According to Maman, EMOI has made a valuation for its Block A asset and the firm will accept a purchasing proposal from anyone if it offers a higher price than the value that has been set by the firm for its asset. He however refused to specify the value.
Thus far, there are two companies that have publicly announced their interest in EMOI's Block A stake, that PT Medco Energi Internasional and Energi PT Energi Mega Persada.
MedcoEnergi's operation director Rashid Mangunkusumo reiterated on Thursday the firm's interest in purchasing EMOI's Block A stake. "We always explore opportunities. But let's wait and see. ExxonMobil usually sets a high price (for its asset)," he said.
Maman said ExxonMobil had yet to decide on the timeframe for the tender of its Block A stake.
"Initially the tender is planned for September. But, it is likely to be delayed as we are still waiting for the directorate general of oil and gas (of the Ministry of Energy and Mineral Resources) to finish the study on the potentials of the field," Maman said. (Dino)