Pertamina may exercise exclusive right to buy stake in oil, gas blocks

State oil and gas firm PT Pertamina might exercise its exclusive right to acquire up to 15 percent participating interest in oil and gas blocks offered by the government, Detik Finance reported on Sunday.

?Yes, we are interested (in exercise the right). But we would only acquire participating interests in the block which we consider have good prospects," Pertamina?s President Director Ari Soemarno said in Jakarta on Sunday.

Last year, the government said it would give a privilege to Pertamina to acquire up to 15 percent stake in all oil and gas blocks in the country before contractors sign contracts for the blocks or during exploration

Pertamina only could exercise the exclusive right in oil and gas blocks where the company does not take part in tender. The policy started taking effective last year and Pertamina could exercise the right in the current oil and gas blocks tender.

The government is currently offering 26 oil and gas blocks to investors through direct appointment and regular tender mechanism. (*)