Pertamina seeks to acquire stake in Angola block

State-owned oil and gas company Pertamina is reportedly to have made the highest offer of US$3.5 billion for a 25 percent stake of ExxonMobil Corp in an oil and gas block called Block 31 in Angola, Africa.

The Wall Street Journal said that Pertamina is competing with China?s Sinopec and India?s Oil and Natural Gas Corporation Ltd. The paper said that Pertamina was looking for new potential oil sources in a bid to help prevent a further decline in the country?s oil production.

Aside from ExxonMobil, Block 31 is also owned by BP Plc (26.7%), Statoil ASA (13.3%), and Marathon Oil Corp (10%).

Pertamina spokesman M. Harun declined to provide comments. (*)