Singapore?s PEARL acquires Jambi EOR from ConocoPhillips

Singapore-based PEARL Holdings Ltd had purchased the joint-operatorship and 30 percent working interest in the South Sumatra Jambi EOR from ConocoPhillips subsidiary Gulf Resources (Jambi EOR) Ltd, the company?s website said.

PEARL Holding is a joint venture between Singapore based Pacific East Asia Resources (Pte) Ltd and PT. Austindo Nusantara Jaya, an Indonesian company controlled by the Tahija family.

The website said operatorship of the block is now under the Pertamina/PEARL OIL (Jambi) Ltd JOB.

The value of the transaction is not revealed.

Last September, PEARL had also announced to purchase the Indonesian E&P assets of Itochu subsidiaries CIECO Vogelkop Inc and CIECO Salawati Inc. The assets, both located in Papua province, consist of a 20 percent stake in the PetroChina operated onshore Kepala Burung PSC Extension (The Basin PSC) and a 11.111 percent stake in the Pertamina/PetroChina operated on/offshore Salawati Kepala Burung JOA. (alex)