Marubeni eyeing stake at Kangean
Tuesday, February 13 2007 - 10:57 PM WIB
Japanese firm Marubeni Corporation is competing with another unidentified Japanese firm and one Middle East firm to acquire 40-60 percent stake in Kangean PSC offshore East Java, Bisnis Indonesia reported in its Wednesday edition citing a source.
The oil and gas producing block is currently 100 percent owned by JSX-listed company PT.Energi Mega Persada Tbk. (EMP)
?The three companies are also eyeing stake at EMP,? said the source.
Herwin Hidayat, VP Capital Market said that EMP had received several proposals, but said no decision had been made.
Kangean has proven and probable gas reserves of 1.4 TCF and 14 MMBL oil . (*)