Indonesia's PGN to Acquire Three Oil, Gas Blocks

Indonesia's gas distributor Perusahaan Gas Negara (PGN) is looking to acquire three oil and gas blocks in Indonesia this year.

Hendi Priyo Santoso, president director of the company, said in Jakarta on Wednesday that the total investment for the acquisition was estimated to cost $1 billion, Jakarta Globe reported.

The company last year bought the Ketapang gas block in East Java and the Bangkanai gas block in East Kalimantan.

The company is also working on building a pipeline linking Java, Bali and Sumatra, with Hendi adding that he hoped all the islands would be connected by 2016, the newspaper reported.