PHE, Ancora compete for W. Java block stake
Tuesday, June 14 2011 - 04:26 AM WIB
PT Pertamina Hulu Energi (PHE), an upstream arm of state oil, gas company PT Pertamina (Persero) is competing with IDX-listed firm PT Ancora Indonesia Resources Tbk to acquire CNOOC?s stake at Offshore Northwest Java oil, gas block offshore West Java, according top Petromindo.Com sources.
Sources said that CNOOC is in the process of selling its entire 36.72 percent non-operating stake in the block.
The block, which is producing oil and gas, is operated by Pertamina Hulu Energi (PHE), a wholly-owned subsidiary of state oil, gas company PT Pertamina (Persero) with 53.25 percent interest.
The sources said PHE has the first right to acquire CNOOC?s stake in the block.
PHE officials declined to comment.(godang)