Pertamina targets final decision on Repsol-YPF interets acquisition by year-end

State oil and gas company Pertamina said Sunday it targeted to reach final decision on Spanish-Argentinean oil and gas firm Repsol-YPF?s oil and gas interests in Indonesia by year-end, according to Pertamina?s president Baihaki Hakim.

Baihaki said Pertamina would send a delegation on Monday led by upstream director Iin Arifin Takhyan to dicuss acquistion plan .

Repsol-YPF wanted to sell all its Indonesian assets following its plant to focus its operation in North Africa and South America.

The company owns a 65 percent stake in the South East Sumatra block, which is the country?s largest offshore oil producing block; 36.7 percent in the North West Java producing block; 25 percent in the West Madura producing block; 50 percent in the Poleng producing block.

It also has stake in several exploration blocks, including the Jambi Merang block (25 percent) , the Blora block (16.7 percent), the South Sokang block (45 percent).

The company currently produces about 150,000 barrels of oil equivalent per day (BOEPD). (godang)