Pertamina acquires Anadarko?s subsidiaries in Indonesia

State oil and gas company PT Pertamina, through its subsidiary Pertamina Hulu Energi, has reached a final agreement with Anadarko Offshore Holding Company LLC to acquire 100 percent shares of three Anadarko?s subsidiaries, namely Anadarko Ambalat Ltd., Anadarko Bukat Ltd., and Anadarko Indonesia Nunukan Co.

Each of the three subsidiaries has a participating interest of 33,75 percent in Ambalat Block, 33,75 percent in Bukat Block, and 35 percent in Nunukan Block, Pertamina said in a press statement on Monday.

It stated that the acquisitions were part of its strategy to reach a high growth in the upstream industry, and to open access for Pertamina to conduct explorations with big potential for significant reserves near its operations in Bunyu and Tarakan, East Kalimantan.

It is also expected to open an opportunity for Pertamina to increase its technological capability for deep water operations as part of its contribution to the state in developing the border area.

The acquisitions will be effective after completing a number of conditions mentioned in the agreement.

Editing by Benget Besalicto Tnb.