Pertamina Buys Stake in North Java Oil, Gas Block

Pertamina last week signed an agreement with Canada’s Talisman Energy to purchase the latter’s participating interest in oil and gas block offshore north Java.

Company’s subsidiary, Pertamina Hulu Energi, will take over a 5.03 percent interest in the block from Talisman Resources, Jakarta Post said. Once the transaction is completed, Pertamina’s interest in the block will become 58.28 percent. 

The newspaper quoting company’s spokesperson said that acquisition would boost Pertamina’s oil and gas output in the block by around 3,380 barrels of oil equivalent per day (boepd), which is expected to comprise 1,680 barrels of oil per day (bpd) and 9.82 million cubic feet per day (mmscfd) of gas.

Pertamina’s current partners in the block include PT Energi Mega Persada, which owns 36.72 percent, and Singapore-based energy investment company Risco Energy, which owns 5 percent.