Pertamina cancels Angola expansion plan

State-owned oil and gas firm Pertamina may have to cancel a plan to acquire a 25 percent stake in Area 31 oil and gas block in Angola, Africa, which is currently controlled by US-based Exxon Mobil Corp., Bisnis Indonesia reported on Friday.

Pertamina President Director Karen Agustiawan said that there?s possibility for the company to withdraw the acquisition plan on signs that an existing partner of Exxon in the Area 31 block is also interested in acquiring the Exxon stake. ?If that happens, we?ll have to back down,? she said, adding that Pertamina is still waiting for an official letter from Angola regarding the matter. (*)