Pertamina wins bid for BP's ONWJ asset

State-owned oil and gas firm Pertamina has been named as the winning bidder for a 46% stake in BP's Offshore North West Java (ONWJ) oil and gas block in West Java, a source told Petromindo.com Wednesday.

The source said that the signing of the transaction would be made Thursday afternoon (June 25), but did not provide details on the value of the transaction.

Pertamina President Karen Agustiawan also declined to provide much comment. "We'll announce it all Thursday," she said.

Earlier reports said that Pertamina was teaming up with IDX-listed energy firm Indika Energy in the plan to purchase the BP asset.

ONWJ is one of Indonesia's largest offshore oil and gas operators - supplying energy for the domestic market on the island of Java and beyond. The ONWJ concession stretches from Cirebon in the east to the Seribu Islands in the west. The ONWJ facilities include 670 production wells, 170 platforms, over 40 processing and service facilities, along with approximately 1,600 km of sub-sea pipelines.

According to data from Ministry of Energy and Mineral Resources, the block produced 270 MMCFD of gas in 2008 and more than 20,000 BOPD of oil. The block supplies gas to state gas distribution firm PGN, state electricity firm PLN and state fertilizer firm Pupuk Kujang. (godang)