Medco, Pusri and PGN to take over ExxonMobil?s gas blocks
Wednesday, March 28 2012 - 03:03 AM WIB
In addition to state owned fertilizer producer PT Pupuk Sriwijaya (Pusri), PT Medco Energy Internasional will also team up with state owned gas distributor PGN to take over Block B and North Sumatera Offshore (NSO) blocks from ExxonMobil in Aceh.
Medco president director Lukman Mahfoedz said that Medco, Pusri and PGN had formally submitted a proposal to acquire the two gas blocks to Exxon Mobil. ?We are still waiting a response from Exxon,? Lukman told Petromindo.com
Lukman said that if the takeover proposal was accepted, 60 percent of the stake in the two blocks would be owned by Medco with PGN and Pusri each holding 20 percent.
In August, 2011, ExxonMobil announced its plan to sell its stakes in its three subsidiaries which operate gas blocks in Aceh. The three companies are Mobil Exploration Indonesia Inc., ExxonMobil Oil Indonesia Inc., and Mobil LNG Indonesia Inc.
ExxonMobil Indonesia spokesman Jeffrey Haribowo said Mobil Exploration Indonesia Inc. is the operator of North Sumatera Offshore (NSO). The company has a 100 percent stake in the block. ExxonMobil Oil Indonesia Inc is the operator of Blok B with a 100 percent stake, while through Mobil LNG Indonesia Inc, ExxonMobil has a 30 percent stake in PT Arun Natural Gas Liquefaction (PT Arun NGL).
Editing by Roffie Kurniawan