Pertamina eying Hess? assets
Tuesday, May 21 2013 - 04:52 AM WIB
State owned firm PT Pertamina has expressed interest in acquiring the Indonesian assets owned by American firm Hess Corporation which is seeking to pull out from Indonesia.
?Pertamina is interested in all assets as long as they meet its economic criteria, strategy and objectives. Hess?s asset are interesting,? Pertamina?s Development and Risk Management Director Afdhal Bahaudin told Petromindo.com,
Afdhal however refused to specify the assets the firm is interested in.
Pertamina?s Director of Upstream Muamad Husein concurred, saying, ?Surely, we are interested in Hess? asset.?
Hess recently announced its plan to pull out from Indonesia as it plans to focus on American market. According to the Oil and Gas Book 2013 published by Petromindo, the firm is the operator in four blocks, namely Pangkah PSC, in which it has a 75 percent stake, Semai V PSC (100 percent), South Sesulu PSC (100 percent), and Offshore Timor Sea I PSC (100 percent). It also owns non-operator stakes in another three blocks, namely Natuna Sea Block A PSC (23 percent), Kofiau PSC (42.5 percent) and West Timor PSC (49 percent).
A source said on Sunday that Hess had received letters of interest from ten companies. The firm is evaluating the proposals.
?Many are interested in the Hess (assets) particularly the ones already in production including the Pangkah and Block A PSCs,? the source told Petromindo.com.
Editing by Johannes Simbolon