Inpex okays Pertamina?s plan to chip in Masela block

Japanese firm Inpex Corp. has given greenlight to state oil, gas company PT Pertamina (Persero) to acquire 10 percent interest in Masela giant has block in Timor Sea, CEO Karen Agustiawan said on Wednesday.

"I have met recently with Inpex's CEO, and he said he didn't mind if Pertamina entered into Masela Block," Agustiawan told reporters without giving detail.

Earlier Pertamina sought to buy a 30% stake in the block, which is 90%-owned by Inpex, and 10%-owned by Bakrie family-controlled PT Energi Mega Persada Tbk.

Inpex is planning to build a floating LNG plant with capacity of 4.5 MTPA to tap Masela gas, with operations seen in 2016. (bernard)