Release: Jones Day advises PT Pertamina on the purchase of BP West Java Ltd
Thursday, July 2 2009 - 03:02 PM WIB
BPWJ holds a 46% participating interest in and is the operator of the Offshore North West Java production sharing contract (PSC), one of the earliest PSCs issued in Indonesia in the late 1960s. The ONWJ PSC supplies gas for power generation, and industrial, commercial and residential consumption in the greater Jakarta area. Other participants in the ONWJ PSC include affiliates of China National Offshore Oil Corporation, Inpex Corporation, Salamander Energy Company, Itochu Corporation and Talisman Energy Inc.
Asia Energy partner, Michael Arruda commented, ?The significance of this transaction for Pertamina cannot be underestimated. Not only is it the first offshore venture acquired from a super major that Pertamina will operate, but it confirms Pertamina?s commitment as a commercial entity to expanding its portfolio of interests with meaningful acquisitions. The asset is a perfect fit for Pertamina and in some cases represents a homecoming for this heritage PSC. For Jones Day, it was a watershed event in our relationship with Pertamina. We are both fortunate and delighted to be working with Pertamina?s team -- its in-house legal counsel, the working group and company management -- as Pertamina continues on its course of significant upstream acquisitions. We also think it confirms our place at the table in major energy transactions in Asia.?
The Jones Day team was led by energy partner, Michael Arruda, and included David Longstaff, Charlotte Sallabank, Anna Triponel and Joanne Du. Jones Day was assisted by Hoesein Wiriadinata, Agustiawan and Tandi Rosandi, of Wiriadinata & Saleh, Jakarta.
Herbert Smith represented the Seller, Arco Exploration Inc., a BP affiliate.
Jones Day is a global law firm with 32 locations in the most important centers of business and finance throughout the world. With more than 2400 lawyers, including more than 400 in Europe and 200 in Asia, it ranks among the world?s leading law firms. Jones Day acts as principal outside counsel to, or provides significant legal representation for, more than half of the Fortune Global 500 companies.
Jones Day?s energy practice in Singapore concentrates on the activities of international and national oil companies making investments in the oil and gas sector in southeast Asia, principally in Indonesia, as well as the outbound activities of the national oil companies in the region making energy investments overseas.(end of release)