PTTEP 's acquisition block Pertamina - Hess

PTTEP 's acquisition block Pertamina - Hess


Oil and gas company PT Pertamina and Thailand's PTTEP , agreed to acquire the company's production block from the United States , Hess Corporation , in Indonesia with a transaction value of $ 1.3 billion or around Rp15 trillion .

According to spokesman Ali Mundakir Pertamina , Pertamina and PTTEP contribution of each 50 percent of the total value of the transaction .

" The time of this settlement will be carried out in accordance with certain conditions set forth in the SPA ( purchase agreement ) , " he said in a press release on Monday .

Acquisition of subsidiaries performed Pertamina , PT Pertamina Hulu Energy , PTTEP and its subsidiaries , PTTEP Netherlands Holding Cooperatie UA .

With the acquisition , Pertamina with PTTEP control 75 percent participating interest ( Participating Interest / PI ) in the block and 23 percent Pangkah Natuna Sea Block A. The second block in the offshore region .

Pangkah block is located in the northeastern part of Java with a production of 7,000 barrels of oil per day and 33 million cubic feet per day ( MMSCFD ) of gas .

While the total proven and potential reserves ( 2P ) is estimated at about 110 million barrels of oil equivalent .

With the acquisition , Pertamina and PTTEP will be the operator of Block Pangkah .

While the Natuna Sea Block A is located in the West Natuna Sea adjacent to Malaysia .

The current gas production of 220 MMSCFD Anoa Field 145 MMSCFD and 75 MMSCFD of Gajah Baru . And production of 2,350 barrels of oil per day .

Total 2P reserves estimated at 209 million barrels of oil equivalent .

Other partners in the management of the Natuna Sea Block A is Premier Oil as operator with a 28.67 percent ownership PI , Kufpec 33.33 percent , and Petronas 15 percent .

Ali said the acquisition of blocks belonging to Hess is a step upstream oil and gas Pertamina became the dominant player in the country in 2015 .

" In 2025 , Pertamina's production is projected to reach 2.2 million barrels of oil equivalent per day that would come from domestic and overseas operations in balanced proportion , " he said .