Pertamina to acquire Vietnam exploration block

State oil and gas company PT Pertamina is in final talks to acquire stake at an exploration block in Vietnam, a company official said.

The company will acquire 40 percent interest in a shallow water exploration block at Hanoi Trough from Quad Energy, Gunung Sardjono Hadi, Pertamina?s Senior VP Business Development told Petromindo.com on Friday.

Gunung said the block has recorded one discovery well and is located in a block where Petronas and partners have an oil producing block.

Quad Energy is a private venture capital company with interests in oil and gas and mining in Southeast Asia.

Gunung said with Vietnam interest acquisition, Pertamina will fulfill its target to acquire stake in three blocks this year. Earlier, Pertamina has acquired 46% stake at ONWJ block offshore West Java and 10% interest in Basker Manta Gummy, Australia.

Moving on, Gunung said, Pertamina is currently negotiating to acquire an undisclosed, listed-company with international interest in oil, gas blocks. ?Pertamina has now moved to consider more strategic acquisition at corporate level, which will give us more exposure compared to just acquiring interest at just one block,? he said.(bernard)