Pertamina eyeing stake increase at ONWJ block
Wednesday, August 24 2011 - 02:19 AM WIB
State oil, gas company PT Pertamina (Persero) is set to increase its interest at Offshore Northwest Java (ONWJ) oil, gas block offshore West Java by bidding for CNOOC?s 36.72 percent stake in the block which is currently being put on tender for sale.
Upstream Director M. Husein told Petromindo.com on Tuesday that the company has submitted proposal to CNOOC. He did not give details, but said Pertamina?s competitors in the bidding included IDX-listed PT Energi Mega Persada Tbk, PT Medco Energi Internasional Tbk and Samudra Energy.
The majority stake of the ONWJ block is held by Pertamina through its unit PT Pertamina Hulu Energy with 53.25%. The other interest holders are Talisman Resources (NW Java) Ltd with 5.03% and Salamander (Java) Ltd with 5%.
ONWJ is currently producing around 30,000 BPD of oil and gas. (godang)