Triangle ceases due diligence on Aceh assets
Tuesday, July 31 2012 - 03:26 AM WIB
Australia-listed oil and gas firm Triangle Energy Limited announced that it had ceased due diligence on Exxonmobil?s Aceh assets including block B PSC and north Sumatera Offshore PSC, according to a company quarterly presentation.
Triangle said that it is now undertaking reviews of other assets within Indonesia. It did not elaborate.
The assets have been put on offer by ExxonMobil Indonesia since last August. Interested bidders include a consortium comprising state owned fertilizer firm PT Pupuk Sriwijaya, PT Medco Energi and state owned gas distributor PT Perusahaan Gas Negara; the consortium of PT Intera Arun Energi, PT Ratu Prabu Energi and Triangle Energy; PT Energi Mega Persada, which is an affiliate of the Bakrie Group; and Mandiri Oil.
On July 4, Exxon said it may cancel its plan of selling its Aceh oil and gas assets as its holding company, ExxonMobil Corp., has yet to give a greenlight for the execution of the plan. The offered assets include the Arun field, Arun satellite fields, and the North Sumatra Offshore field.
Editing by Dadan Wijaksana