Pertamina hopes to conclude farm-in talks with Total in April
Thursday, March 18 2010 - 04:03 AM WIB
State oil and gas company PT Pertamina (Persero) may conclude talks with French giant Total SA to farm in Mahakam block PSC, the country?s top producing gas block in April this year.
CEO Karen Agustiawan said Pertamina is seeking to acquire 15-25 percent stake in the East Kalimantan block and has given two options for Total to choose. She did not give further detail.
Total its non-operating partner Japanese firm Inpex Corp., which currently have equal interest of 50% in the block are trying to extend the contract of the giant block which will expire in 2017. The government has signaled willingness to extend contract provided that Pertamina be given stake in the block.
It is not immediately clear whether Pertamina will pay for its interest in the block. Pertamina has also make it clear that it wanted to get majority interest and the block?s operatorship in 2017. (godang)