Local firm eyeing to buy ConocoPhillips? interest in E. Java block

Local company PT Ina international Co has submitted proposal to buy ConocoPhillip?s 25 percent working interest in Pangkah PSC, East Java, the company?s executive said on Wednesday.

CEO Minadi Pujaya said BNP Paribas and CIMB are ready to help the company to finance the acquisition.

The banks are also ready to finance cash call for the block?s development he said.

Former Information Minister Syamsul Muarif is one the shareholders in the company.

A ConocoPhilips Indonesia official said there are six companies submitting bids to acquire ConocoPhillips? interest in the block, but the official did not give detail. Industry sources said that one of the contender is Malaysian firm Petronas, which offers ConocoPhillips interest in its oil, gas blocks in its various blocks in return for the 25 percent stake in Pangkah.

Ujung Pangkah block is operated by Hess Corp., which has 75 percent working interest. The block has commenced gas production, which is entirely sold to state electricity firm PLN. (godang)