Pertamina to submit bid to acquire Devon?s assets in Indonesia

State oil and gas firm Pertamina had completed studying Indonesian assets of US oil and gas firm Devon Energy and would submit its bid mid-February this year, according to Petromindo.Com sources.

?The result of the data room study looks very promising and Pertamina is currently working to determine the bid price,? said the sources.

Devon Energy is offering all of its Indonesian assets for sale in a bid to focus its operations.

Devon operates, and has a 30 percent stake, in the Jabung block in South Sumatra. It has interests in the nearby South Jambi Block B gas project operated by Gulf Indonesia Resources Ltd.

Devon is also a 35 percent interest holder and operator of Bangko exploration block onshore South Sumatra.

In East Java, Devon operates and holds 25 percent working interest in Tuban joint operating body (JOB).

The company also operates two oil fields in Papua.

Earlier, a report quoted Devon?s spokesperson as saying that apart from Pertamina there were some other parties that had accessed the company?s data room.

The company said the assets sale was expected to be completed in the second half of this year.(godang)