Pertamina says Repsol sale disappoints: Report

State oil firm Pertamina said on Monday it was disappointed over its failure to buy the Indonesian assets of Spanish oil giant Repsol-YPF.

But Pertamina's president director told a regular meeting of parliament the oil giant was seeking other acquisitions, although he did not elaborate.

"This is not our only chance for aquisitions. There are still many opportunities in business," Baihaki Hakim said.

China offshore giant CNOOC announced on Friday it had agreed to buy Repsol's Indonesian assets for $585 million in cash, its biggest international expansion to date.

"We think the difference of our bidding price with CNOOC's was small," a senior Pertamina official, who declined to be named, told Reuters.

"We are very disappointed with the failure, but whatever happens we are hoping we will be able to establish good cooperation with CNOOC," the official added.

The official said the failure was due to factors other than the price Pertamina offered, but he did not elaborate.

CNOOC said the acquisition would make it the largest offshore oil producer in Indonesia. It already has a presence here through a 39.51 percent interest in the Malacca Strait production-sharing contract (PSC).

It also said the purchase of Repsol would bring 360 million barrels of oil equivalent (BOE) in proved net working interest reserves and add 15 million-20 million BOE to CNOOC's annual output.

Standard & Poor's estimated in a report the acquisition would increase CNOOC's daily output by 17 percent to about 356,000 BOE in 2002, and boost its oil and gas reserves to 1.985 billion BOE.

CNOOC is now targeting 2002 output of 125 million-130 million BOE, the Hong Kong and New York-listed company said in a statement. Its previous target was 110 million BOE. (*)