Pertamina eyeing Maxus' assets
Saturday, December 9 2000 - 01:30 PM WIB
State oil and gas company Pertamina is eyeing the oil and gas blocks owned by Argentinean firm YPF-Maxus in the Java Sea.
Pertamina's president Baihaki Hakim said Saturday evening the company was competing against local oil and gas firm Medco Energy Corp for the YPF-Maxus assets.
He refused however to reveal the source of financing for Pertamina to acquire the assets.
YPF-Maxus is the country's largest offshore oil producer with an output of more than 120,000 barrels per day (bpd).
YPF-Maxus's assets in Indonesia now belong to Spanish oil firm Repsol following its acquisition of Argentinean-state owned oil and gas company YPF late last year.
Head of Pertamina's foreign contractors management body (BPPKA) Herucokro earlier told Petromindo.Com that Repsol wanted to sell its assets in Indonesia as it was going to focus in Europe and America. (Godang)