Update: Pertamina confirms participation in Jabung acquisition

State oil and gas company Pertamina said on Thursday it was part of consortium that bought Amerada Hess? 30 percent working interest in Jabung PSC, an oil and gas block located onshore Jambi.

?We will get around 5 percent additional working interest in the block, which will make Pertamina owns 15 percent working interest in Jabung. But that would have to wait for approval from Pertamina?s board of commissioners,? said Eteng Salam, Pertamina?s acting upstream director.

Amerada Hess on Wednesday announce the sale of its 30 percent working interst in Jabung block to a consortium whose members are Petronas and PetroChina for US$ 164 million.

Petronas and PetroChina already have a 30 per cent interest each in the Jabung Block PSC, with PetroChina as the PSC Operator. Pertamina owns the remaining 10 percent stake in the PSC. Both Petronas and PetroChina also have a 20 per cent stake each in the on the proposed LPG and naphtha project, with the remaining equity held by Pertamina (20 per cent) and Itochu Corporation (20 per cent). (godang)