Pertamina eyeing to acquire stake in Libya giant discovery

State oil, gas firm PT.Pertamina said on Friday it was interested to acquire interest in Area 47 in the Ghadames Basin in Libya that is 50 percent owned by Canadian firm Verenex Energy Inc.

Upstream Director Karen Agustiawan told reporters that the company will assess the possibility to acquire interest in the block, which has gross prospective resources of approximately 2.15 billion barrels.

Verenex has said on November 26, 2008 that it has opened data rooms in London UK to facilitate a potential corporate sale as one of the strategic options currently under review by the company. ?It is expected that these data rooms will remain open until at least mid-December. The company is targeting to complete its review of strategic options in the first quarter of 2009,? it said.

Verenex plans Phase 1 development project producing 50,000 bopd of oil and 50 mmcfd of gas (gross) from the block by early 2011.

IDX-listed energy firm PT.Medco Energi Internasional Tbk. has 50 percent interest in the block.

Medco Chief Commissioner Hilmi Panigoro had repeatedly urged cooperation with Pertamina to conduct overseas exploration.(godang)