Pertamina acquires Talisman?s shares in ONWJ block

State oil and gas company PT Pertamina, through its subsidiary PT Pertamina Hulu Energi Offshore North West Java (PHE ONWJ) has acquired a 5.03 perent stake owned by Talisman Resources (North West Java ) Limited in the ONWJ block, Bisnis Indonesia reported on Wednesday.

The acquisition raised Pertamina?s ownership in the ONWJ oil block to 58.28 percent. Previously, Pertamina as the operator of the block owned 53.25 percent, Energi Mega Persada with 36.72 percent, Talisman Resources (N.W. Java) Ltd with 5.03 percent and Risco with 5 percent.

Pertamina?s Vice President of Corporate Communication Ali Mundakir said that the acquisition would increase Pertamina?s share from the oil production from the oil block. ?It is part of the company?s strategy to achieve rapid growth in the upstream oil and gas sector,? he added.

Ali said that Pertamina had successfully increased the production of the ONWJ block to 33,000 barrels per day at present from 23,000 barrels per day in 2009 when the state oil and gas company acquired the participating interest of BP in the oil block.

He, however, refused to unveil the transaction value of the acquisition, arguing that he could not disclose it because the acquisition had not been approved by the government. ?Athough the acquistion deal has been signed with Talisman, we are still waiting approval from the government,? he added. (*)