Talisman acquires stake in Jambi Merang PSC

Canadian top oil, gas firm Talisman Energy Inc. announced that it has acquired all of the shares of US oil, gas firm Hess Corp., for an undisclosed sum.

As a result the company will gain an indirect 25% interest in the Jambi Merang PSC, onshore Sumatra, and in the JOB Pertamina-Hess Jambi Merang joint operating body (JOB), the Company said.

The block is operated by state oil, gas company PT Pertamina(Persero), which has 50 percent interest, under JOB structure.

Other 25 percent interest in Jambi Merang is held by Hong Kong-based firm Pacific Oil& Gas which is also in the process of disposing its entire interest.

The Jambi Merang PSC is adjacent to the Corridor PSC where another Talisman subsidiary holds a 36% non-operated interest.

The block is slated to start production this year with peak production of 120 MMCFD.

"This is an excellent fit and expands Talisman?s footprint in South Sumatra,? said Ron Aston, Vice President and General Manager. ?We are delighted to be extending our relationship with Pertamina and building on our extensive experience working within the JOB structure as we jointly bring the Block?s ongoing gas and liquids development to first production.? (godang)